EC World REIT appoints new property, port managers

The agreements will run from 1 January to 31 December.

EC World Asset Management, the manager of EC World Real Estate Investment Trust (EC World REIT), has appointed new property and port managers following a competitive tender process.

Hangzhou Wangcheng Property Service Co., Ltd. (Wangcheng) has been selected as the new property manager for Fuzhou E-Commerce, Fuheng Warehouse, Hengde Logistics, Wuhan Meiluote, and Beigang Logistics Stage 1.

Meanwhile, Hangzhou Chonghang Port Supply Chain Co., Ltd. (Chonghang) has replaced Hangzhou Fu Gang Supply Chain Co., Ltd. (Fugang) as the port operator for Chongxian Port Investment and Chongxian Port Logistics.

Additionally, EC World REIT has entered into a new agreement with Hangzhou Chonghang Port Property Management Co., Ltd., a wholly owned subsidiary of Chonghang, to oversee property management services for the port assets.

Both Wangcheng and Chonghang are independent third-party service providers with no affiliations to the ECW Group.

The move follows EC World REIT’s previous announcements regarding property acquisitions and management agreements, including the 2019 acquisition of Fuzhou E-Commerce and the 2021 renewal of property management agreements for various logistics assets.

The new property and port management agreements will run from 1 January to 31 December. The one-year term allows EC World REIT to maintain flexibility in terminating service providers at minimal cost amid its ongoing asset divestment.

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