EC World Real Estate Investment Trust (SGX:BWCU) has appointed Hangzhou Wangcheng Property Service as the new property manager for five properties, including Fuzhou E-Commerce and Beigang Logistics Stage 1, after a tender process, according to a Monday filing on the Singapore Exchange.
Wangcheng will receive an annual fixed fee of 10.2 million yuan for property management services.
The REIT also appointed Hangzhou Chonghang Port Supply Chain as the new port operator for Chongxian Port Investment and Chongxian Port Logistics, succeeding Hangzhou Fu Gang Supply Chain.
The new agreements, effective from Jan. 1, 2025, run for one year to retain flexibility amid EC World REIT's ongoing asset divestment.
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