Ogilvy China buys real estate specialist
Ogilvy Group China has acquired Black Arc Advertising, a mainland agency specialising in real estate advertising and promotion. <BR><BR> The news comes on the heels of the WPP agency renewing its JV partnership with Shanghai Advertising for another 15 years. Ogilvy's Black Arc deal is believed to mark the first time that a multinational marketing group has made investments to tap the mainland's high-growth property market. <BR><BR> Black Arc, headquartered in Shenzhen, includes China Vanke, China OCT, Zhong Hai, Sunco China and China Merchants in its client portfolio. Property-related adspend in China was estimated at US$1 billion last year. <BR><BR> Meanwhile, Ogilvy's Shanghai Advertising agreement, set to expire next month, has been extended to 2021. Under the new agreement, Ogilvy will continue to retain a majority interest in the joint venture company.