News this week: One of UBM Asia’s joint venture companies in China, Shanghai-based
UBM Sinoexpo, has
signed a ten-year strategic cooperation agreement with the Shanghai
New International Expo Centre
(SNIEC) effective from 2014 to 2023.
UBM reports UBM
Sinoexpo’s operations have grown by an average of 10% annually – with
exceptionally high growth rates of 23% and 38% recorded in 2007 and 2011
respectively. In 2014, UBM Sinoexpo rented a total of 880,000 m2 of
exhibition venue space across China versus total net space sold of 433,451 m2
from trade fairs – for an average utilisation rate of 49.3% during the
year.
Separately, UBM plc reported its third quarter interim results
ended 30 September 2014. Management expects underlying performance to remain on
track for the full year, and highlighted the strong performances of several Greater
China-based trade shows. During the quarter, UBM invested US$11.9 million in its
events business, which included the acquisition of U.K.-based Seatrade
Communications earlier this year.
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