Chinese property services provider Vanke Service has joined hands with Cushman & Wakefield to set up an asset services company in Shenzhen, as the two see large room for development in the industry with the country's urbanization.

The new joint venture will focus on business operations in property and asset management, as well as integrated facility management.

"Vanke Service has embarked on the path of internationalization through business integration (with international partners)," said Zhu Baoquan, chief executive officer of Vanke Service.

"The strategic cooperation is a milestone for the commercial property services sector in the Greater China region. It is not just business integration, but also a merging of advantageous resources, which will help enhance our standing in the region."

Brett White, executive chairman and CEO of Cushman & Wakefield, said he is "excited" about the cooperation as he sees unlimited development opportunities in the future.

"It will provide treasurable opportunities for us to increase our business value in the region," White said.

"With our strong market influence and through cooperation with Vanke Service, we will be able to offer greater value and services to our customers and promote development of the industry through innovation and improvement of our business model."

Establishment of the joint venture is not the first cooperation between the two leading industry players. In July 2018, Vanke Service became the fourth-largest strategic shareholder of the US real estate services provider by buying 4.9 percent of its stakes.