The directors of Preston Rowe Paterson are delighted to announce that an exclusive strategic partnership has been formed with China’s valuation group China Appraisal Association (CAA).
CAA is a market leader within the valuation industry throughout China and employs over 1,500 staff. CAA operates across 18 key areas throughout mainland China including Beijing, Shanghai, Guangzhou, Shenzen, Nanjin and Wuhan.
Greg Preston and Greg Sugars, directors of Preston Rowe Paterson, visited Shanghai in August to attend a formal signing ceremony alongside representatives from around China. The strategic partnership is an exciting move for Preston Rowe Paterson and follows the expansion of six PRP offices earlier this year in New Zealand which add to the existing network of 22 offices across Australia.
PRP have previously worked with a number of Chinese investment and development entities throughout Australia and New Zealand, many of which are clients of CAA. This was a contributing factor in the decision to develop a strategic partnership, with PRP referring various clients (including AREIT’s) who hold significant investments across China to CAA for property valuation and advisory related matters.
Greg Preston, director of Preston Rowe Paterson in Sydney, is looking forward to working alongside CAA and the opportunities that the partnership will create throughout Australasia.
“The parallels between business operations in PRP and CAA are significant in terms of the clientele we hold such as banks, listed REITS, high net worth individuals and sovereign wealth funds. We will be benchmarking all aspects of the businesses in both Australia and China” to grow the relationship, commented Greg Preston.
Preston Rowe Paterson’s CEO and national director Greg Sugars is thrilled with the new partnership saying “Demand for valuations for Australian and New Zealand companies has steadily grown as they invest in industrial and manufacturing facilities in China. Likewise we will be able to assist CAA investment, development and rural investor clients throughout Australia and New Zealand with their acquisition due diligence, valuation and property consultancy needs”.
One initiative resulting from the partnership will be the release of quarterly research reports covering both the Australian and Chinese markets.
Mr Sugars commented that PRP and CAA will also be participating in one another’s conferences; facilitating staff exchange programs in Australia and China, conducting common training and implementing valuation and accounting standards.
In addition, whilst there are substantial similarities between PRP and CAA’s IT investment, both businesses will be leveraging off one another’s technology to further enhance the services on offer.