Local property firm to put up Shanghai office

MANILA, Philippines — Local property consultancy firm Prime Philippines will open an office in China next year to cater to Chinese companies interested to enter the Philippine market.

During its fifth anniversary celebration Monday, Prime Philippines CEO Jet Yu said the company will expand its presence as it will open its first international office in Shanghai, China.

“With this expansion, Prime Philippines looks forward to developing this hub as the common ground to build relationships and strengthen the trust among Chinese companies and Filipino companies within the coming years,” Yu said.

He added that this venture would help Filipino companies address cultural differences and find the right partner as they do business with Chinese firms.

“The main reason for the China expansion is that we want it to be a common ground for Chinese and Filipino companies to meet and do business,” Yu told The STAR.

“We’ve noticed that there are a lot of Filipino companies who want to do business with Chinese companies but their number one problem is cultural differences which leads to disagreement,” he said.

Yu said the Philippine real estate market is currently attractive to Chinese businesses due to the faster return on investment(ROI) it offers.

“In China, if you get an ROI for your development of less than 30 years, that’s already a good deal. But in the Philippines, our ROI now is about 10 to 20 years and that’s very attractive,” he said.