Global elevator companies are rushing to take advantage of Chinese government subsidies to replace hundreds of thousands of ageing lifts in a reprieve for an industry hit hard by the country’s property slowdown.
Finland’s Kone, Otis from the US and Switzerland’s Schindler all say their “modernisation” businesses are growing in China as more elevators pass the 15-year mark — the usual trigger for upgrade or replacement.
China has about 12mn elevators, escalators and moving walkways, according to official data. The state-run People’s Daily reported in December that about 1.1mn elevators are more than 15 years old and now pose “safety hazards”.
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