Assign a 'primary' menu

Country Garden Services Unit to Buy R&F Services’ Property-Management Business

September 21, 2021


By Clarence Leong

A unit of Country Garden Services Holdings Co. has agreed to acquire R&F Property Services Group Co.’s property-management service business for up to 10 billion yuan ($1.55 billion) in a bid to consolidate its leading position in the market.

The unit, Country Garden Services HK Holdings Co., will fund the all-cash acquisition via internal resources, the parent company said Monday in a filing to the Hong Kong stock exchange.

The deal, which is pending approval from China’s antitrust authority, will strengthen Country Garden Services’ advantages in top-tier cities and help it develop its commercial property-management business, the company said.

As of the end of last year, R&F Property Services managed 552 projects in 102 cities across 26 provinces, autonomous regions and municipalities in China, according to the filing.

Write to Clarence Leong at

Source link

Why Paid advertising is better than free social media advertising

About the Author