HANGZHOU, China, Jan. 16, 2016 — With the signing of a new agreement between Country Garden Holdings Company Limited, Otis Electric Elevator Co., Ltd. now has strategic agreements with six of the top 10 real estate developers in China. Otis Electric is a brand of Otis, the world’s leading manufacturer and maintainer of people-moving products, including elevators, escalators and moving walkways, a unit of United Technologies Corp. (NYSE: UTX).
“By delivering reliable and energy efficient elevators and escalators to resident, commercial and public infrastructure segments in China, Otis Electric has become a preferred supplier to many of China’s top 100 real estate providers, including six of the top 10,” said Lawrence Chui, president, Otis Electric. “Our latest agreement will let us work closely with Country Garden to build five-star residential developments that support urbanization and promote high-quality lifestyles in China.”
Country Garden is one of China’s major residential property developers. Since its founding in 1992, it has undertaken more than 500 projects in more than 300 cities and towns, building luxury housing for 3 million people. It is ranked sixth among real estate enterprises in China and this year featured on the Forbes Asia Fab 50 list of the region’s most valuable public companies for the second time.
Otis Electric began working with Country Garden in June, with the success of the Xining Country Garden project laying the foundation for the two groups’ newest agreement, which specifies that Country Garden will consider Otis Electric with priority for future projects.
“Collaboration, commitment and evolution are core values shared by Otis Electric and Country Garden. We are pleased to meet the high standards of Country Garden with our advanced technology, refined design and superb service,” Chui said.
In addition to its strategic agreement with Country Garden, Otis Electric also maintains close strategic business relationships with other leading real estate developers, including Vanke and Gemdale.
Otis Electric, a brand of Otis, was introduced to China in January 2016. Otis Electric has manufacturing facilities in Hangzhou and Chongqing, as well as a state-accredited testing laboratory, and over 255 branches and service depots across China. With strong capabilities to deploy the latest technologies in products and services, Otis Electric is dedicated to satisfying customer needs, especially in the residential, commercial and public infrastructure segments.
Otis is the world’s leading manufacturer and maintainer of people-moving products, including elevators, escalators and moving walkways. Founded more than 160 years ago by the inventor of the safety elevator, Otis offers products and services through its companies in more than 200 countries and territories. Otis is a unit of United Technologies Corp., a leading provider to the aerospace and building systems industries worldwide. By combining a passion for science with precision engineering, the company is creating smart, sustainable solutions the world needs. For more information, visit www.otis.com.