SHANGHAI: Marketing services conglomerate WPP Group has re-affirmed its faith in the strength of the Chinese market by extending its partnership and stake in Shanghai Advertising.
The group's Ogilvy & Mather ad agency has upped its shareholding to 75% and extended the joint venture by another 15 years.
Shanghai Ogilvy handles business for global clients such as IBM, Motorola and BP and Chinese advertisers like Lenovo, China Mobile and Great Wall Wine.
London-headquartered WPP's media buying unit Group M expects total media advertising revenue to grow by 29% this year in China.
Ogilvy has also agreed to acquire 60% of Black Arc Advertising, a Chinese agency specializing in real estate advertising and promotions.
Data sourced from Financial Times online; additional content by WARC staff