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Property giant to expand retail services

Jones Lang LaSalle International Property Consultants, one of the world's largest corporate property agents, plans to expand its business in Taiwan's growing retail sector by offering new services such as introducing tenants for shopping malls or providing property-management services, Tony Chao (趙正義), the company's new managing director for Taiwan, said yesterday.

The company also hopes to extend its local property-management service to corporate properties, maintenance and cleaning. It announced a management reshuffle yesterday aimed at expanding its domestic investment business.

Chao, the former director of the company's strategic planning division, takes over from Calvin Wang (王治平), who was promoted to chairman.

As head of strategic planning, Chao has acted as consultant on various big projects, including land development for Taiwan's first high-speed railway and an air cargo park in Taoyuan.

In his new post, Wang will be able to focus on developing large-scale property-brokerage business, which is the company's fastest-growing source of revenue and for which there is ample room for growth in Taiwan, the new chairman told reporters yesterday.

One of the deals Jones Lang LaSalle concluded last year was with Prudential Financial Inc, which bought a building in Taipei to set up its country headquarters.

Transactions involving office buildings in Taiwan, mostly in Taipei City, are estimated to reach NT$20 billion (US$601 million) this year, triple last year's figure, Wang said.

The amount will jump to NT$40 billion next year, he added.

"Bringing in a computerized management system will enhance the value and efficiency of the properties, which is common practise among our clients in Hong Kong," Wang said.

The service will cater to the emerging market for real-estate investment trusts (REITs), which offer a structure for investment in properties like offices, hotels and hospitals that is similar to the way mutual funds offer stock investments, Wang said.
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