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Property Management Industry Takes Shape in China
The Chinese property management industry, with over 20,000 companies and 2.3 million staff, has matured since its beginnings in Shenzhen in 1981, said a senior government official Monday.

Liu Zhifeng, vice minister of the Ministry of Construction, said at the national conference on property management that the industry's development resulted from the commercialization of the property sector.

The proportion of private housing was increasing along with China's reform of the housing system for urban residents, which led to larger demand for housing maintenance and management, he said.

After 22 years of development, the property management industry in China covers industrial zones, schools, hospitals, shopping centers and office buildings, and residential areas.

Competition in the field is fierce and some domestic companies are building their brands across the nation. Some major domestic companies are offering service covering near 10 million square meters in over 10 cities across the country, while foreign companies are beginning to exploit markets in China.

China will implement the first regulation on property management on September 1 to encourage construction companies to select property management companies by using a tender system, said Xie Jiajin, chief economist with the Ministry of Construction.

The statute applies to both domestic and foreign property management companies and would help form a fair and standard market, he said.

Despite rapid development, the new industry still needed improvement in operation, elimination of bad debts and special funds for maintenance, Liu said.

(Xinhua News Agency July 15, 2003)

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