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.
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(END) Dow Jones Newswires