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Shanghai Sets Up First Non-government Property Business
Shanghai, China's largest metropolis, witnessed the birth of its first non-government property management company, the Shanghai Hezhong Enterprise Development Co., Ltd., Monday.
With a total of 242 staff members, the company has signed contracts to handle some 600,000 square meters of public housing, which used to be supervised by state-owned housing management agencies.
Han Zheng, vice-mayor of Shanghai, said that the establishment of the company marks "a crucial step forward" since China's real estate industry began separating government functions and enterprise operations.
Zhou Jinmiao, board chairman and president of the company, said that "we now have to work hard to satisfy the shareholders and our staff, instead of our superiors like before."
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