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Poly Property Group Co Ltd said its unit Poly Shandong has entered into a project management services agreement with China Crafts. Under the agreement, Poly Shandong will provide project management services for RMB 12.67 million. The agreement was entered into on Tuesday, with the subsidiary taking responsibility for the agreed project management work. The latest arrangement adds to Poly Property Group’s project-related activities through its Shandong unit as the company continues to operate across the property sector.
Poly Property Group Co Ltd said its unit Poly Shandong has entered into a project management services agreement with China Crafts. Under the agreement, Poly Shandong will provide project management services to China Crafts for RMB 12.67 million.
The agreement was entered into on Tuesday, with the value of the project management services set at RMB 12.67 million. The company did not provide further details on the nature or location of the project in the announcement.
Poly Property Group, listed in Hong Kong, has operations in property development and related services, with its subsidiaries undertaking project-related activities across different markets.
The latest agreement provides Poly Shandong with a project management mandate and adds to the unit’s ongoing business activities.
The agreement gives Poly Shandong an additional project management assignment and establishes a defined value for the services it will provide to China Crafts. For Poly Property Group, such arrangements allow its subsidiaries to participate in property-related activities beyond direct development. The company’s latest disclosure, however, does not provide further details on the project’s scope, expected completion timeline or the services covered under the agreement. These details could provide a clearer indication of the scale and potential operational impact of the contract.
Source Reuters
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