By Yifan Wang 
 

Shimao Property Holdings said its property-management unit has secured a total investment of $244 million from Chinese internet giant Tencent Holdings and venture capital fund Sequoia Capital China.

Tencent invested $114 million in the subsidiary, Shimao Services Holdings, while Sequoia Capital has invested $130 million, Shimao Property said in a stock exchange filing on Thursday.

Following the investment, Shimao Services will work with Tencent to further digitalize its operations, and will be able to access Sequoia's ecosystem and community-business resources, Shimao Property said.

Global investors have become increasingly interested in China's property-management industry, which is viewed as a relatively untapped market with strong growth potential.

 

Write to Yifan Wang at yifan.wang@wsj.com

 

(END) Dow Jones Newswires

May 14, 2020 05:45 ET (09:45 GMT)

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