Comprehensive Overview

The Group is a high-end property management and urban operation service provider in China, providing property management and value-added services to high-end residential property associations. At the same time, it also manages and operates commercial property associations (mainly including offices and shopping centers) and public properties (such as schools, government facilities and other public spaces). The Group operates three business lines, divided into (i) property management services, (ii) value-added services for non-owners, and (iii) community value-added services.

As of September 30, 2021, the total construction area under management of the Group was approximately 23.2 million square meters, including 96 residential projects and 41 non-residential projects. Among them, residential properties and non-residential properties accounted for 85.0% and 15.0% of the total construction area under management of the Group.

Risk Factors

During the historical record period, most of the Group's property management service contracts were related to managing properties developed by Jinmao Group (its joint ventures and joint ventures). Group management revenue from such properties for the year ended December 31, 2020 accounted for 92.5% of the Group's property management service revenue. Any adverse development in the operation of Jinmao Group or its ability to develop new properties may affect the Group's ability to obtain relevant new service contracts.