Case Study: Polytec Group

BACKGROUND

Polytec Australia is a member of Polytec Group which was established in the 1980s. The Group has diversified business operations including property, retail, energy and financial services. Polytec Australia is principally engaged in property development, property investment and property management in Australia’s major cities. 

THE CHALLENGE

Polytec Group had a solid property industry foundation in Hong Kong, Macau, Mainland China and the United Kingdom. In 2021, they established an Australian subsidiary based in Sydney looking to further expand their international scale and pursue growth opportunities in the local market. RSM was recommended by another professional services firm for their expertise and experience in the sector. 

Kenny Ji, Polytec’s General Manager – Property Investment says, “As a new entrant to the Australian market, we needed an accounting firm that had extensive experience and knowledge of the sector and could act quickly and decisively to help establish our operations. 

From our first conversation, I found Adam to be very approachable, straightforward in his explanations and discussions and highly efficient.” 

Adam Crowley, RSM’s National Head of Property and Construction says, “Polytec approached us to help establish their Australian operations and it was a pleasure for us to bring them onboard as we knew of their credentialled background and substantial overseas presence and experience. As a result of our understanding of and involvement with other multi-national companies, we were able to recommend advice and solutions that immediately addressed Polytec’s concerns and questions.”

WHY RSM?

RSM quickly got to work and assisted in establishing the Australian structure, entities and accounting process in just over two weeks from the commencement of the engagement. 

“RSM understood the issues and provided advice that addressed these issues efficiently in a timely fashion. Australia taxation law and company structures can be particularly confusing, especially for a company like ours that is new to the local market and has internationally listed parent companies”, says Kenny. 

Adam adds, “Time was of the essence, and we understand how timing can have a major impact on negotiations and putting deals in place, so we wanted to quickly help establish Polytec’s Australian operations to enable them to focus on their core business.”

Kenny says, “I feel like Adam works 24/7! He and the team’s knowledge is very extensive, he is always available and this gives us the confidence to push ahead with our growth plans and strategy. The team’s property knowledge is extensive and this is always reflected in the conversation and solutions they provide. Additionally, RSM’s perspectives always have the long term in mind and this is essential for the sustainable development of our company.”

THE FUTURE

With a strong pipeline of future development opportunities already in place and several land parcels locked away, Polytec is looking forward to strengthening its position in the Australian market going forward. 

“From day one, RSM provided advice and delivered work that had planning built in for the next decade. The structures that have been put in place are important aspects of our strategy going forward and we feel like RSM has become our trusted adviser for the long term. We are really focussing our efforts on being a member of local communities and building future communities that are a result of local collaboration and engagement. RSM plays an important role as part of this approach and we are confident this will help build a stable company structure with achievable targets”, says Kenny. 

“Polytec is already achieving great things in the Australian property market despite it being early in their journey, and I’m sure that over the next few years we will see them go from strength to strength. We look forward to being an essential part of this journey and continuing to build a great relationship”, concludes Adam.