According to a prepared statement, the formation of the JV anticipates changes in the Chinese economy that will result from its joining the World Trade Organization late last year and "the opportunities that this will bring to service" global multinational companies reaching out from China as well as those venturing into the country.
Specifically, John B. Coppedge III, EVP for Cushman & Wakefield's international operations, told GlobeSt.com that "we've been active in Asia for six years. Now we've aligned ourselves in China with a partner that has been operational there for 25 years. This will allow us to accelerate our growth."
Coppedge explained that C&W's focus in Asia has centered mostly on brokerage while they've planned to bring asset management capabilities there for some time. Premas delivers 175 property and asset management professionals into the C&W fold and allows the company to "be in business immediately." While he says that specific projections haven't been penciled in yet, "I would be disappointed if we didn't increase our near-term revenues by 30% to 50%" as a result of the move.
Heading the new operation will be Premas CEO Anthony Seah, who will serve as chairman, and C&W Asia Pacific CEO Michael W.J. Thompson, who will serve as managing director. Coppedge; John C. Santora, C&W's EVP of asset services; Ling Yung Sing, managing director of Premas; and Albert Lau, CFO and managing director of Premas, are all directors in the new venture.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
