Shimao Services Forms Strategic Cooperation With Suzhou Tianxiang Property Management To Improve Expansion Capabilities

Shimao Services Holdings Limited ("Shimao Services" or the "Company"; HKEX Stock Code: 873.HK) and Suzhou Tianxiang Property Management Co., Ltd. (hereinafter referred to as "Suzhou Tianxiang Property Management") have reached an equity partnership agreement, and the latter has subsequently transferred 70% of its shares, representing 246 million yuan, to jointly develop the Suzhou market.

The partnership between Shimao Services and Suzhou Tianxiang Property Management has created a high degree of strategic synergy. As 96.5% of Tianxiang's projects are located in Suzhou, it will greatly increase the density of Shimao Services' residential projects within this market, which is highly compatible with the Company's strategy of key city intensive development. On December 2, Shimao Services' arm in the Yangtze River Delta Region was awarded the "2021 East China Property Service Market TOP 3 Position". Suzhou is one of the key cities served by Shimao Services in the Yangtze River Delta region. Since Suzhou Tianxiang Property Management has 166 projects under management, the partnership has the potential to further enhance the project management capabilities of Shimao Services in the Yangtze River Delta, reducing costs and improving overall operating efficiency, as well as increasing market share. It could also help to create new opportunities for value-added services and market expansion.

Suzhou Tianxiang Property Management ranks among the top three property management companies in Suzhou, with strong comprehensive strengths and market expansion capabilities that are conducive to Shimao Services' market expansion plans in Suzhou. It is worth mentioning that Suzhou Tianxiang Property Management has a leading position in Suzhou and even Jiangsu Province, and it is also an excellent property service company to usher represent the 30th anniversary of the reform and development of property management in Jiangsu Province. The company has strong market expansion capabilities, covering government office buildings, schools, logistics parks, hospitals, venues, and residential buildings. Through this cooperation, and with the help of Suzhou Tianxiang Property Management's capabilities and advantages in the Suzhou market, Shimao Services' external expansion capabilities in the Suzhou market can be effectively improved, its market share can be further expanded and the two companies can jointly develop a new era for property services.

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