Boyu acquires 25% of China Vanke's property services unit

A filing shows that Chinese online marketplace 58.com has also become a strategic investor in the company, having provided RMB33 million for a 5% stake. The parent company remains the controlling shareholder with 63%.

Founded in 1984, China Vanke develops real estate projects via its subsidiary Real Estate Development, and delivers property management services through China Vanke Property. The group’s net profit rose 16% year-on-year to RMB21.02 billion last year, while revenue stood at RMB240.48 billion, up 23%.

Vanke Property offers services for about 1,000 projects in 65 cities across China, with a contractual property management area of 210 million square meters. It contributed RMB4.26 billion to group revenue last year, up 43.42% from 2015.

Boyu is led by Mary Ma, formerly of TPG Capital, ex-Ping An Insurance executive director Louis Cheng, Sean Tong, formerly of Providence Equity Partners, and Alvin Jiang, grandson of former Chinese president Jiang Zemin. The firm closed its third China-focused fund at $2 billion last year. The predecessor vehicle closed in 2014 at $1.5 billion.

Recent investments include participation in a $1.53 billion round for China’s video-streaming platform iQiyi.com and a commitment to Chinese bio-pharmaceutical developer CStone Pharmaceuticals. Meanwhile, portfolio company New Century Healthcare, a Chinese pediatric hospital operator, listed in Hong Kong via a HK$883 million ($114 million) IPO.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Greater China
• Real estate
• PIPEs
• Expansion
• China
• Boyu Capital
• Growth capital