Diversified holding group Sunriver Holding Group will purchase 183 Otis Electric elevators for its new residential and recreational developments in Anhui province, China.

The new properties include Anhui Northern Cultural Centre, Wenzhong Pavilion and residential projects in Xiangyunfu, Xianghefu and Xiangtaifu, all located in China. Electrical company Otis Electric is a brand of elevator manufacturer Otis Elevator Company.

With a long-time business relationship with elevator and escalator manufacturer Xizi Otis Elevator, to which the Otis Electric brand is authorised for use in China, Sunriver has incorporated nearly 1 000 Xizi Otis elevators in its properties in eastern and central China.

The projects in Anhui represent the continued expansion of the Otis Electric brand in China’s second-tier cities. The Otis Electric Gen2 elevators selected by Sunriver are small machine-room systems that feature composite steel-belt technology.

Designed for China’s market, they offer superior reliability, energy efficiency and passenger comfort to meet the needs of upmarket hotels, commercial buildings and grade-A residential buildings. The Gen2-MR elevator is a winner of the 2014 China Mechanical Industry Science and Technology Award from the China Construction Machinery Association.

Since its introduction to China this year, the Otis Electric brand continues to grow its presence with strong momentum. In the second quarter of this year, Xizi Otis was awarded more than 1 000 elevator orders, nearly half of which were for high-end commercial and residential developments in key cities.

At the same time, Otis Electric has been chosen by leading real estate developers, such as Vanke, Gemdale, Jinke and Sunriver in quality property developments across China.

“Otis Electric is a trusted brand among leading property developers in China. We will continue to integrate the latest technologies into our products and service platforms to meet the diverse needs of customers in the residential, commercial and public sectors,” says Otis Electric president Lawrence Chui.

Elevator company Nippon Otis and elevator manufacturer Schindler Elevator announced in April that they had signed an agreement for Otis to acquire the elevator and escalator service business of Schindler Elevator in Japan.

Schindler’s elevator and escalator service business in Japan consists of two companies, Schindler Elevator, with about 390 employees, and multi-brand maintenance service provider Mercury Ascensore with around 210 employees.

In the transaction, Nippon Otis will acquire all shares of Mercury and a new company (NewCo) will be formed by transferring the elevator and escalator service business, related employees and assets of Schindler Elevator.

NewCo will be the exclusive, authorised original-equipment manufacturer (OEM) maintenance service provider of Schindler units in Japan and will have access to OEM spares and systems for continued maintenance and upgrade for Schindler products in Japan.

Schindler Elevator will remain in Japan as an entity to meet its legal and societal obligations with regard to ongoing litigation and investigations and will take all necessary actions until these are resolved.

The financial terms of the transaction are not disclosed. The transaction is expected to close later this year, and is subject to regulatory approvals and customary closing conditions. Nippon Otis and Schindler Elevator will work to ensure that customers of the new company and Mercury receive seamless continuity in the service of their units once the transaction closes.

With safety at the forefront, Nippon Otis will draw on its long experience and deep knowledge of the Japanese elevator and escalator industry to extend their high-quality service to the customers of NewCo and Mercury.

“We are very pleased to announce the signing of this agreement. “We are extremely proud of our long history in Japan, and this transaction, when completed, will not only serve to further our commitment to Japan and Japanese society, but is another step in our growth since we started doing business in Japan over 120 years ago,” says Nippon Otis north-east Asia president Stephane de Montlivault.

Nippon Otis takes pride in being a trusted partner for customers and has a commitment to safety. It looks forward to welcoming new customers and colleagues, and it will bring its global experience and expertise to grow the NewCo and Mercury businesses, she explains.

“We are confident that this transaction will ensure continuing best service for our customers and new growth opportunities for our employees in Japan. With all the investment in safety and reliability for our customers over the past years, we are handing over a solid and healthy operation to Otis, a long-standing and reputable company,” concludes Schindler Elevator president Rene Kunz.