Fineland Arm to Acquire 60% Stake in Guangdong Yikang; Closes 51% Stake Buy in Changsha JYH

MT Newswires · {{timeTz}}

09:49 PM EDT, 10/25/2021 (MT Newswires) -- Fineland Real Estate Services Group (HKG:9978) subsidiary Guangzhou Fangrun Living Services is acquiring a 60% stake in Guangdong Yikang Property Service for 34.4 million yuan ($5.4 million) in cash, according to a late Monday filing.

Investment holding firm Shanghai Lvbaoyuan Business Management Partnership is selling the equity interest in the Chinese property management services provider, the disclosure said.

Fineland expects the deal to boost its Greater Bay Area market-focused property management portfolio.

Guangzhou Fangrun also closed its purchase of a 51% stake in property management services provider Changsha Jiyanghong Property Management to boost its portfolio in Hunan province.

Guangzhou Fangrun paid 24.7 million yuan in cash for the firm, according to a previous disclosure from the real estate agency.

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