May. 23, 2012 (China Knowledge) – SOHO China Ltd<0410
>, a leading real estate developer in China, yesterday announced that it had inked an agreement with INSITE Asset Management Group, a Chinese asset management company specialized in commercial property management, to set up a 50:50 joint venture in Shanghai
The new JV will be named as INSITE SOHO (Shanghai
) Co Ltd and will principally engaged in providing commercial operation and management services for SOHO China.
According to the agreement, the two companies will cooperate for a term of 10 years, and will separately appoint two directors to the board of the new company.
SOHO China's Qianmen Street project will be the first project for the JV. In future, SOHO China will put more self-operated projects into INSITE SOHO's commercial operation management, said Pan Shiyi, chairman of SOHO China.
SOHO China is constantly increasing self-operated commercial properties and now it has five such projects including the Qianmen Street project and The Bund SOHO, Pan added.