Vanke buys stake in brokerage firmBusiness | Aylin Huang 20 Apr 2017
Chinese developer Vanke is reportedly spending three billion yuan (HK$3.39 billion) to invest in Lianjia, a mainland property agency.
Mainland media reported Vanke has agreed to acquire an undisclosed stake in Lianjia because it is optimistic about Lianjia's potential.
However, whether Vanke will appoint a representative to Lianjia's board remains unknown.
In January, another mainland developer, Sunac China Holdings (1918) announced it was investing 2.6 billion yuan to purchase a 6.25 percent stake, along with appointing a director to the real estate brokerage firm.
Lianjia owns 8,000 stores in China covering 28 cities and regions, employing 130,000 brokers. It recorded a 808 million yuan net profit in 2015.
Separately, Guangdong-based Agile Group Holdings (3383) yesterday announced it was investing US$900 million (HK$7.02 billion) in a Hainan property project.