Under the JV, the management portfolio is expected to include HNA Plaza (an 85,040 sq.m. GFA complex comprising of Marriott Hotel, office and retail, with expected completion in October 2008) and Grand China Air Building (a 42,080 sq.m. GFA office building in move-in condition).

The management portfolio will migrate to the management of Grade A properties developed or owned by HNA Group in Beijing, Haikou, Sanya, Nanzhou, Kunming and Xi’an. Subject to the results in the future development, this may cover other cities and involve the setup of regional offices in other provinces.

"Savills is proud to be able to establish a long-term cooperation with HNA Group, a distinguished state-owned enterprise in China," said Mr. Randall Hall, Chief Executive Officer of Savills Greater China. "This partnership will strengthen Savills’ business and expand our facilities management to include the air freight industry, while also aligning our agency business with the property development of the HNA Group, including research, leasing, sales and investment."

According to Mr. Wang Hexin, President of HNA Real Estate Holdings Group Co., Ltd, the company had hoped to establish a strategic relationship with a global real estate service provider in building up a new joint-venture property management company to provide quality service to the properties owned by the group. They chose to work with Savills as it is an international property services provider with an impeccable track record, extensive experience and solid reputation in the real estate industry.

HNA Real Estate Holding Group has a registered capital of RMB 1.75 billion, and is one of eight major subsidiary companies owned by the HNA Group, a China Fortune 500 organisation with total assets of around RMB 68 billion. The group has expanded as a diversified corporation with the businesses ranging from air transportation to airport management, hotel & tourism, retailing, logistics and other related industries. At present, the company specialises in property development, property investment and financial services, and has over 100 completed projects to date, spread over Beijing, Hainan, Xibei, Shanghai, Guangzhou, Kunming and Chongqing. In 2005, the company decided to move its headquarters to Beijing and started property investment and developing properties in China’s major cities, with property portfolios including residential apartments, offices, shopping malls, hotels, theme park for tourism.

source : Savills