Apr 05, 2024 05:03 AM

BUSINESS

Property Management Firms See Profits Rise as Ties to Debt-Laden Developers Severed

By Wang Jing, Zhou Yongqing and Han Wei

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What’s new: Property management companies in China are seeing their business gradually recover after severing ties with troubled developers and adjusting business strategies.

Data from the China Real Estate Information Corp. (CRIC) showed that 56 property management firms reported a 7.27% increase in average net profits in 2023, reaching 295 million yuan ($41 million) and reversing a 34.7% decline from 2022.

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