Manulife Expands Presence in Macau with Lease of Over 64,000 Sq Ft at YOHO Group's Prime Property
New Location Serves as a Nurturing Hub for Talent and Meeting City's Protection Needs
MACAU, May 14, 2024 /PRNewswire/ -- Manulife is pleased to announce the next phase of its expansion plans in Macau through a landmark collaboration with YOHO Group. With this agreement, Manulife has signed a multi-year lease for a space of over 64,000 sq ft at one of YOHO Group's prime properties in Macau. This strategic move is aimed at further strengthening Manulife's presence in Macau as a leading player in the city's financial services industry, catering to the growing insurance needs of both local customers and mainland Chinese visitors.
Macau's life insurance penetration rate of 9.0%^[1] in 2023, combined with the demographic shift towards an ageing population, highlights the pressing need for insurance and retirement protection in the city. Manulife's newly leased space will play a pivotal role in helping the company address the city's unmet insurance needs. With the customer-facing area and training facilities upgraded, the new location will also serve as a central hub for Manulife to nurture and grow its agency force in Macau. This significant investment underscores Manulife's dedication to fostering the long-term economic and talent development of Macau, as well as supporting the Macau SAR government's multi-pronged strategy to diversify the city's economic development.
"We are excited to have concluded this multi-year collaboration and lease agreement with YOHO group, which is a pivotal step in our expansion strategy in Macau," said *Patrick Graham, CEO of Manulife Hong Kong and Macau*. "As Macau continues to play a crucial role in the holistic development of the Greater Bay Area, this deal enables us to expand our footprint across the city and beyond. This marks a significant milestone in our business growth plan and brings us a step closer to achieving our goal of recruiting more agents in Macau. It also exemplifies our strong financial standing and unwavering commitment to investing in our dedicated employees, vibrant agency force, and other distribution channels in the city today and for the longer term."
Manulife's new location features a 7,000 sq ft lake-facing terrace, which will be used as a prime area for serving and interacting with clients. Additionally, it is equipped with state-of-the-art meeting and training facilities tailored to Manulife's needs. The lobby of the development at the lake level will also showcase Manulife's branding and customer service counter, which is prominently positioned to provide an impressive setting for both visitors and clients. The leased space is expected to be handed over to Manulife in May 2024 and scheduled to be fully operational by November 2024.
"We are thrilled to announce our partnership with Manulife. This collaboration represents a significant milestone for our organization as we align ourselves with a trusted and esteemed partner. We believe this strategic alliance will fuel innovation, foster growth, and create mutually beneficial opportunities. We look forward to a prosperous journey together as we forge new paths and achieve remarkable success," said *Mike Lam, CEO of YOHO Group*.
Based in Macau, YOHO Group is mainly engaged in real estate development. One of the group's latest projects is the YOHO Treasure Island, which is a new development that features a luxurious five-star hotel, an expansive 400,000 sq ft retail mall, and other premium spaces – all located in the heart of the Macau Peninsula.
Manulife has been operating in Macau since 1996, and over the past 27 years, the company has established itself a trusted partner and provider of a wide range of diversified health, protection and insurance products and services to both individual and corporate clients.Manulife signs a multi-year lease for a space of over 64,000 sq ft at one of YOHO Group’s prime properties in Macau. Present at the signing ceremony are Patrick Graham, CEO of Manulife Hong Kong and Macau (left), and Mike Lam, CEO of YOHO Group (right).
^[1] "Insurance Activities Statistics" (2023) published by the Monetary Authority of Macao (AMCM)
*About Manulife Hong Kong *
Manulife Hong Kong has been a trusted name for more than 125 years. Since our operations started in Asia in 1897, we have grown to become one of the top-tier providers of financial services, offering a diverse range of protection and wealth products and services to over 2.5 million customers in Hong Kong and Macau. We are committed to helping make decisions easier and lives better for our customers.
Manulife Hong Kong, through Manulife International Holdings Limited, owns Manulife (International) Limited, and Manulife Provident Funds Trust Company Limited.
*About Manulife*
Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for our Global Wealth and Asset Management segment, we serve individuals, institutions, and retirement plan members worldwide. At the end of 2023, we had more than 38,000 employees, over 98,000 agents, and thousands of distribution partners, serving over 35 million customers. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges, and under '945' in Hong Kong.
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