BEIJING: Property service businesses in Guangzhou, Guangdong province, have maintained positive growth over the last three years throughout the COVID-19 pandemic, according to an industry report.
The total revenue of the city’s property service sector increased from 19.4 billion yuan ($2.78 billion) in 2019 to 28.9 billion yuan in 2021, with a compound annual growth rate of 22.1 percent, according to the 2022 Guangzhou Property Management Industry Development Research Report.
It was released during the three-day Guangzhou International Smart Property Management Expo, which opened on Sunday.
Inaugurated by the Guangzhou Property Management Association and the first large exhibition to be held in the city since the adjustment of COVID prevention and control measures, the expo attracted hundreds of property management companies from 24 provinces and cities, which came to showcase their property management services.
The total profit of the city’s property enterprises also rose from 970 million yuan in 2019 to 1.65 billion yuan in 2021, an indication of the city’s business performance, and high-quality, low-price property management services, according to the report.
The number of employees in the sector has increased by nearly 50,000 over the past five years, totaling 218,500 last year.
–The Daily Mail-China Daily news exchange item
