CB Richard Ellis announced today that it has opened a new office in Qingdao, Northern China. This new office in Qingdao represents the thirteenth full service office operated by CB Richard Ellis in Greater China and forms part of the strategic expansion of the company in both the fast growing Northern China region as well as in Greater China as a whole. It will also allow CB Richard Ellis to better meet the growing real estate needs of both domestic and international developers, investors and occupiers.

Located on the coast of the Yellow Sea, Qingdao is an economic centre within the Bohai Rim Economic Region. Renowned for a number of world famous brands, Qingdao is also playing a pivotal role in leading the economic growth of Shandong Province.

In addition, Qingdao is an important gateway to international trade and a key transportation hub in Northern China, and is a preferred location for international occupiers and investors. As the host city for the sailing competitions associated with the 2008 Olympic Games, Qingdao is currently implementing rapid infrastructure improvements and developments, resulting in an increased level of demand for real estate.

"The establishment of our office in Qingdao is another important step forward for CB Richard Ellis in relation to the enhancement of our business operations in both Northern China and Greater China as a whole. With the addition of this office in Qingdao, CB Richard Ellis now operates full service offices in the rapidly growing cities of Tianjin, Dalian and Qingdao, meaning that we are very well placed to meet the real estate advisory needs of clients throughout the Bohai Rim region. The opening of this office also demonstrates our long-term commitment to China, as well as our ongoing efforts in relation to the expansion of geographical coverage as well as the provision of new and tailored services to our clients," said Chris Brooke, President & CEO of CB Richard Ellis in Greater China.

"Qingdao is one of the most dynamic cities in China. With the emergence of Qingdao as a regional economic centre in Northern China, we have identified significant opportunities within the real estate market in the city. Our Qingdao office will provide a wide range of real estate services relating to the office, retail, residential, hotel, industrial and logistics sectors of the market, and will build upon the existing assignments and mandates being undertaken by CB Richard Ellis in the city. We are excited about our participation in the development of Qingdao and we look forward to bringing our international service model and best practices to Qingdao, and working in close partnership with our clients to capitalise upon market opportunities," said Chapman Cheng, Managing Director of CB Richard Ellis in Qingdao.

The CB Richard Ellis office in Qingdao will provide a full portfolio of real estate services covering the office, retail, residential, hotel, industrial and logistics sectors, including research, consulting, leasing, sales and management. The continued goal of CB Richard Ellis is to provide a competitive edge for clients in the fast changing real estate market in China, via a differentiated services portfolio, as well as to establish CB Richard Ellis as a key player in the development of the real estate market in China going forward.

Over the past decade, the real estate industry in China has continued to grow rapidly as the economy has developed and urbanization has accelerated. CB Richard Ellis has also expanded in order to service client needs within this dynamic environment. With the opening of the new office in Qingdao, CB Richard Ellis now has thirteen full service offices in Greater China, in Beijing, Shanghai (Puxi and Pudong), Hangzhou, Guangzhou, Chengdu, Tianjin, Shenzhen, Dalian, Qingdao, Hong Kong (Hong Kong Island and Kowloon) and Taipei, as well as approximately ten project offices and experience in over 70 cities within Greater China. Over the years, CB Richard Ellis has developed a comprehensive business platform which combines the advantages of local market knowledge with the resources of a regional and global network.

Chapman Cheng, Managing Director of CB Richard Ellis in Qingdao, will oversee the day to day operations and business activities of CB Richard Ellis in Qingdao. Mr. Cheng has over ten years experience in residential sales, investment, commercial, retail and research operations, as well as consulting. Mr. Cheng also has overall responsibility at CB Richard Ellis for residential project sales in Northern China and will continue in this role in addition to being Managing Director of the Qingdao office. Mr. Cheng obtained his Bachelor of Arts degree in Economics and Administration in the University of Winnipeg, Canada.