Tencent, Sequoia Capital China Invest $244 Million in Shimao Property Subsidiary
May 14 2020 - 6:00AM
Dow Jones News
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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