Released on: July 21, 2008, 3:01 am

Press Release Author: Gigi Liu

Industry: Real Estate

Press Release Summary: CB Richard Ellis Group, Inc., the largest global real estate
services provider, and Vanke, the largest residential developer in China, have
announced that they have established a joint venture to provide residential property
management services in China

Press Release Body: CB Richard Ellis Group, Inc., the largest global real estate
services provider, and Vanke, the largest residential developer in China, recently
announced that they have established a joint venture to provide residential property
management services in China. The partnership, intended to leverage the leading edge
capabilities of both organizations via the combination of strong local market
knowledge and expertise with international best practices, also represents a new
business model within the real estate industry in China. A signing ceremony was held
in Shenzhen last week attended by Rob Blain, Chairman & CEO for CB Richard Ellis,
Asia Pacific; Chris Brooke, President & CEO for CB Richard Ellis, Greater China;
Alfonso Chu, Executive Director, Asset services for CB Richard Ellis, Greater China;
Yu Liang, President of Vanke; Xie Dong, Executive Vice President of Vanke and Larry
Hui, Vice President of Vanke.

Under the terms of the agreement, the joint venture will be jointly managed by
representatives from both companies. The venture will be headquartered in Shanghai
and will provide property management services to high end residential properties
developed by Vanke and its subsidiaries and affiliates. These properties will
include a wide range of projects including single family houses, town houses,
serviced apartments and luxury apartments. The venture is expected to be operational
by 1 October 2008.

"We see the partnership not only as a major step forward in terms of the growth of
our Asset Services business line in China, but also as an important milestone in
relation to our development strategy within Greater China. The joint venture will be
well placed to leverage international best practices from within the global network
of CB Richard Ellis, which can then be adapted to the market in China based upon the
local knowledge and expertise of both parties. We look forward to successful
collaboration with Vanke in relation to this venture, as well as the development of
a long term strategic partnership with Vanke going forward," said Chris Brooke.

"Vanke is fully committed to developing mainstream residential projects in various
cities, and to delivering an excellent customer experience via the provision of high
quality residential products and superior services. The endeavour announced today
forms part of our strategy to collaborate with other companies. We believe that, by
using the very powerful property services platform and extensive track record of CB
Richard Ellis, Vanke will be able to enhance its service quality levels as well as
service innovation in relation to high-end property management services. In
addition, it will be beneficial for Vanke to offer a full range of products and
services and deepen Vanke's understanding of advanced international practices so as
to reinforce Vanke's market competitiveness going forward, " said Yu Liang.

Over the past decade, CB Richard Ellis has focused upon building business
capabilities across Greater China and has become a leader in the real estate market
in the region. CB Richard Ellis currently has fourteen offices throughout Greater
China, with offices in mainland China as well as Hong Kong and Taiwan. The company
plans to further expand the geographical coverage and range of services offered to
clients throughout Greater China.

The Asset Services business line at CB Richard Ellis, one of the leading business
lines of the company in Greater China, provides property management services in
accordance with the global standards of the company. The services provided are
designed to reflect and satisfy the diverse needs of clients based upon unparalleled
quality and the latest technologies. With a strong presence in Greater China, the
Asset Services business line currently manages a large portfolio of commercial,
retail, industrial and residential properties, providing services spanning property
and tenancy management, facilities management, asset management and CBRE System
Solutions.

Web Site: http://www.cbre.com.hk

Contact Details: Wanchai, Hong Kong