Guangzhou R&F sells assets to Country Garden

CG Property Services HK, a unit of Country Garden Holdings, a property developer, and developer R&F Property have entered into an equity transfer agreement, pursuant to which the group agreed to acquire three companies involved in property management and construction services in mainland China at a consideration of up to RMB10 billion  ($1.55 billion), according to an announcement.

The three companies — Guangzhou Tianli, Tianjin Huaxin and Datong Hengfu — will be consolidated into Country Garden as subsidiaries.

In a separate statement, Country Garden Services said it had agreed to buy Wealth Best Global, a property management arm of R&F, for RMB10 billion ($1.55 billion).

The announcement comes after another Chinese developer, Evergrande, is facing possible default on its massive $300 billion in debt, the highest for any publicly traded real estate manager o