E-House China to Plan Hong Kong IPO After Country Garden Investment
Liao Shumin
/SOURCE : Yicai
E-House China to Plan Hong Kong IPO After Country Garden Investment

(Yicai Global) Jan. 4 -- Real estate services provider E-House China Holdings Ltd. will look to relist in Hong Kong after investment from a six-strong consortium led by property developer Country Garden Holdings Ltd.

Zhou Xin, E-House chairman, announced the news yesterday as a response to the investment, International Financial News reported.

Country Garden struck a deal to borrow almost HKD1.8 billion (USD228 million) from BPN Paribas for 36 months, it said on Dec. 27. The agreement came under the condition that the company uses the funds to purchase a 12.35-percent stake in E-House China Enterprise Holdings Ltd., with its Hong Kong unit buying an additional 4.21-percent holding.

E-House has been a popular investment target for property firms since it delisted from the New York Stock Exchange in August 2016, merging its E-House Marketing Service Group and CRIC Information Group into a single company.

Major property players China Evergrande Group, China Vanke Co. and Sunac China Holdings Ltd. partook in the privatization, accompanied by 15 other housing firms. Investment institutions, including GGV Capital, Stone Capital and Jack Ma-backed Yunfeng Capital, also took shares in the company, but Zhou remains E-House's controlling shareholder.

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Keywords: E-House China , Country Garden , PROPERTY , REAL ESTATE , IPO