Mainland developer Shimao Group (0813) is splitting its property management arm, Shimao Services, to list in the Hong Kong stock market. Shimao Services will still be the subsidiary of the Shimao Group. Shimao Services has been providing property management services and various value-added services in China for more than 15 years. It also offers community value-added services such as leasing service for property owners and non-property value-added services such as repair and maintenance, each accounting for around 26 percent of the income. It heavily relies on property management services in 2017 and 2018, with a proportion of 70.4 percent and 63.9 percent, respectively.

Source: The Standard August 24, 2020 02:26 UTC