CDL roped in as cornerstone investor of property service provider E-House's HK IPO

Singapore

CITY Developments Limited (CDL) will invest HK$237.81 million (S$41.1 million) in property services provider E-House's initial public offering (IPO) on the Hong Kong Stock Exchange, making it a cornerstone investor alongside Alibaba, China state-owned Overseas Chinese Town Holding, and an associate company of Hong Kong-based Henderson Land Development.

E-House's main businesses comprise real estate agency services in the primary market (E-House Marketing), real estate data consultancy (CRIC) and property brokerage network services (Fangyou). With a salesforce of 17,000 agents in 186 cities across 30 Chinese provinces, E-House is "widely-regarded as China's preeminent real estate transaction service provider", CDL said in a press statement on Tuesday.