Feb. 14, 2007 (China Knowledge) – Jones Lang LaSalle, a global property service provider, announced yesterday that it will quit the residential property sector of China in order to put more resources into its office, retail and industrial property segments.

The company, which made the decision late last year, said that an internal restructuring has started, and referred to it as a realignment of its mainland operations. However, the company said it will continue to offer market insights, key corporate account services and property management services in the sector.

This move by Jones Lang LaSalle follows initiatives by the Chinese government to cool down the country’s high-end residential property sector.

The company has offered options to about 30 affected team members in Shanghai and so far 70% have either decided to transfer to other departments or join its clients.