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Bond Market News

Country Garden’s Property Management Unit to Acquire 94% of Peer Everjoy

Country Garden Services Holdings subsidiary agreed to buy a remaining 94% stake in Everjoy Services, a fellow property manager. This comes after it acquired Link Joy Holdings Group for up to RMB 3.3bn ($519.4mn) and its purchase of R&F Property Services Group for RMB 10bn ($1.6bn) in September 2021 preceded by a nearly 65% stake purchase in Languang Justbon Services Group for RMB 4.8bn ($760mn) a year ago. Everjoy has business in more than 150 cities with over 290 projects. In H1 2021, Everjoy’s revenue surged over 3x YoY to RMB 663mn ($104.4mn) with net profits jumping over 4x to RMB 106mn ($16.7mn).

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