Redsun Services Acquires Chuzhou Yurun for RMB36.7M

ACN Newswire

Redsun Services Group Ltd, a fast-growing comprehensive community services provider focusing on the Yangtze River Delta, has announced the acquisition of 51% equity interest in Chuzhou Yurun Property Management Co. Ltd at a consideration of RMB36.7 million, the group’s first acquisition since its listing in July.

Chuzhou Yurun is principally engaged in the provision of property management services in Jiangsu Province, Anhui Province and Hunan Province in the PRC. As at 7 September 2020, the aggregate GFA of properties under management by Chuzhou Yurun is approximately 4.2 million sq.m. The latest acquisition will enable the Group to further expand its scale and business scope, thereby allowing the Group to reduce management costs, improve management efficiency and achieve economies of scales in the future. For the six months ended 30 June 2020, Chuzhou Yurun’s profit reached RMB3.4 million. After the completion of the acquisition, Chuzhou Yurun will become a subsidiary of Redsun Services, hence immediately contributing to the Group’s profitability.

The Group managed to complete its first acquisition project in just two months after listing in July 2020, a proof of the Group’s consistently high execution ability. Redsun Services will take this acquisition as the first step, and will continue to seize strategic investments and acquisition opportunities in the future, so as to further expand the scale of business operations to enhance competitiveness.