A Japanese remote-monitored self-service laundry operator, Wash House Co., will establish its first joint venture in China to develop coin-operated laundry machines in a bid to cultivate the undeveloped market.
The joint venture, Washhouse (Shandong) Co., will be established in Qingdao in the eastern province of Shandong with capital of 10 million yuan (¥154.43 million; $1.42 million) by December. Wash House will hold a 60 percent stake, with the remainder held by a subsidiary of the Chinese home appliance-maker Shandong Xiaoya Group, according to a company statement released last Friday.
The firm, based in the city of Miyazaki, is considering the creation of another local arm to launch a self-service laundry business as early as 2020, while Washhouse (Shandong) will focus on developing the machines, a Wash House spokesman said Monday.
The firm hopes to attract customers by promoting the convenience of coin-operated laundries in a country where the market has just emerged and is expected to grow.
Wash House launched its first overseas base in Thailand in June. It operated 609 laundries in Japan as of October.