Longfor to see big sales in 2018

China’s major property operator Longfor Properties Co Ltd expects to reap 300 billion yuan ($47.6 billion) in sales by 2020, through provision of more services in cities according to its annual meeting held earlier this year.

Shao Mingxiao, CEO of the company, put forward the new concept “Space as a Service” at the conference, which means connecting space with humans.

“Our innovation in products and services should be rooted in our observation of customers’ living, working and social environments,” he said.

It expects to participate more in reconstruction of city spaces and services, especially opportunities that lie in commercial areas, communities and residential areas, he added.

Founded in 1993, Longfor has entered 36 cities nationwide with more than 19,000 employees. Its sales reached 156 billion yuan in 2017, up 77 percent year-on-year, according to the company.

In the future, the company would focus on big clients and core locations in cities to build living spaces and shopping districts, Shao said.

It would also adopt technologies such as artificial intelligence and big data, to innovate in business models and improve competitiveness, he added.

For example, the company said it plans to build a data operation platform to optimize management of different business, including long-term rental apartment, maker spaces and commercial real estate.

Shao said sales of at least 17 branches would surpass 10 billion yuan in the next three years.

In addition, income from operations and leasing is expected to double by 2023.