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Lindsay Harvey's plan in China

By Wang Yu (China Daily)
Updated: 2008-05-26 11:10

New investments

For Otis, China is a strategically important market and an efficient manufacturing base.

Although the Chinese government is working to restrain speculative investments in the housing sector, the urbanization campaign is fueling the growth of elevator and escalator market.

Otis is trying to invest in line with the growth tendency of the local real estate market, Harvey says.

Otis is also eyeing investment expansion plans in Chongqing of Southwest China, and for plants in Northeast China, Guangzhou in South China and Suzhou of East China, Harvey says.

By diversifying investment locations, Otis seeks to balance the load in line with the markets.

Infrastructure, transportation and supply chains are major considerations for Otis in making a decision for new investments, Harvey adds.

The western and northeast Chinese markets are growing fast, but from a low base, Harvey says

The Beijing market is Otis' strongest area though because of the upcoming Olympics, the real estate market will probably slow down after the Games, though Otis expects a recovery next year.

In Harvey's eyes, China's elevator after-market service is maturing, and will drive the elevator business forward.

Otis is the only elevator company delivering direct after-sale work in China and the service is the best model to ensure safety and efficiency, according to Harvey.

The market for refurbishing and replacing elevators and escalators will be huge in the future, Harvey says.

The Chinese elevator association's data indicates that in recent years, the number of elevators in China is increasing with a rate of over 10 to 12 percent each year.

By the end of 2008, the number of elevators is expected to exceed one million and China will become the largest elevator user in the world.

At present, many international elevator manufacturers spare no effort in competing for the potential Chinese market and as such Otis is paying more attention to brand building.

Although the firm is not a consumer company, real estate developers use Otis' name, history and reputation to sell its products.

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