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C&W Strengthens Its Hold in China via JV; Projects 30% Revenue Spike

NEW YORK CITY-China's entry into the WTO promises major changes in corporate activity in Asia, say Cushman & Wakefield executives. The firm's joint venture with Premas International is geared to take advantage of those changes.

By John Salustri | Updated on February 25, 2002

NEW YORK CITY-In what is being billed as the “first integrated real estate services business in China,” locally based Cushman & Wakefield and Premas International have forged a joint venture to capitalize on expected growth in international business activity in that country. Cushman & Wakefield Premas, currently awaiting official approval by Chinese authorities, will operate from offices both firms currently hold in Shanghai and Beijing.

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.”

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