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Guantao advises Jinmao Property on acquisition of entire equity interest in Runwu Jiaye

Jinmao Property Services Co., Limited (00816. HK, "Jinmao Services") announced on January 18, 2024 that its wholly-owned subsidiary, Sinochem Jinmao Property Management (Beijing) Co., Ltd. ("Jinmao Property"), acquired the entire  equity interest in Beijing Runwu Jiaye Enterprise Management Co., Ltd. ("Runwu Jiaye") for a total cash consideration of RMB323,800,000 (subject to adjustment). Upon completion of the acquisitions, Runwu Jiaye will become an indirect wholly-owned subsidiary of Jinmao Services. 

Jinmao Services is a fast-growing upscale property management and city operation service provider in China. Jinmao Property, as a principal operating wholly-owned subsidiary of Jinmao Services in China, is principally engaged in the provision of property management services, value-added services to non-property owners and community value-added services. 

Established in February 2007, Runwu Jiaye carries out its business principally through its subsidiary, Beijing Shengrui Property Services Co., Ltd. ("Shengrui Property"), which provides property management and relevant services in various places such as Beijing, Xi 'an, Changsha, Tianjin, Shijiazhuang and Guangzhou through 25 branches and two subsidiaries established in China, with the property management portfolio comprising residential properties, commercial properties and office buildings.  As at December 31, 2023, Shengrui Property and its subsidiaries had a contracted gross floor area of  approximately 8.66 million square meters, of which the gross floor area under management was approximately 7.98 million square meters. 

With the completion of this transaction, the various villas, commercial properties and office buildings under management and to be managed by Runwu Jiaye under existing contracts will facilitate Jinmao Services to enhance its brand and expertise in the area of property services for villas in core cities and commercial projects.  In addition, Runwu Jiaye has a good business structure and a high proportion of revenue from property management services.  The acquisition of Runwu Jiaye is conducive to further strengthening the non-cyclical business of Jinmao Services.

Guantao acted as the legal counsel of Jinmao Property, the acquirer in this transaction, and provided full-process legal services for this transaction, including legal due diligence, transaction structure design, negotiation, drafting and modification of transaction documents, and assistance in closing.  The leading partner of Guantao in this transaction is Mr. HUANG Yan, and the team consisted of Huo Xueyun, Li Jiayu and Li Wenhao.