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Monday, 7 September 2020, 21:40 HKT/SGT

Source: Redsun Services Group Limited
Redsun Services Acquires Chuzhou Yurun for RMB36.7 Million
Further Expands Scope of Business Operations

HONG KONG, Sept 7, 2020 - (ACN Newswire) - Redsun Services Group Limited ("Redsun Services" or the "Group"), a fast-growing comprehensive community services provider focusing on the Yangtze River Delta, has today announced the acquisition of 51% equity interest in Chuzhou Yurun Property Management Company Limited ("Chuzhou Yurun") 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.

About Redsun Services Group Limited
Established in Nanjing in 2003, Redsun Services Group Limited is a fast-growing comprehensive community service provider focusing on the Yangtze River Delta. With a vision of "making lives warmer," the Group strives to continuously "provide high-quality services for customers with sincerity." The Group has also established the regional leading position in the property management market of Jiangsu province and is well-recognized nationwide. The Group was recognized as one of the Top 100 Property Management Companies by CIA for four consecutive years since 2017 and ranked 25th among the 2020 Top 100 Property Management Companies in terms of overall strength.

Topic: Press release summary
Source: Redsun Services Group Limited

Sectors: Daily Finance, Daily News
From the Asia Corporate News Network

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