According to the Financial Intelligence APP, fw holdings (00572) announced that on October 2, 2024, the company's indirectly wholly-owned subsidiary Shenzhen Xinghui Property Management Co., Ltd., intends to acquire all the equity of Shenzhen Meilianhang Property Management Co., Ltd. from Cao Yi for a consideration of RMB 15 million.

It is reported that the target company is mainly engaged in real estate, property leasing, and property management business in China. The target company legally owns six properties located in Guangdong Province, Shenzhen, and Zhuhai, China.

As of the date of this announcement, the target company owns and manages multiple properties in Guangdong Province, China. The directors believe that the acquisition will expand the group's property management services and bring investment opportunities to the group's property investment portfolio in the above-mentioned Chinese regions. China has implemented policies to support the real estate market in 2024, including lowering down payment ratios and mortgage rates in September 2024. In addition, the Guangzhou Municipal People's Government announced in September 2024 the cancellation of all home purchase restrictions, while other first-tier cities including Shenzhen are expected to relax home purchase restrictions and lower the minimum down payment ratio for first-time homebuyers. Based on the above, the group can benefit from the long-term potential appreciation of the properties held by the target company.