Chinese Developer Buys Stake in Diagnostics Firm

Zhuhai Baolian Asset Management Co., Ltd, a subsidiary of China’s state-owned Gree Real Estate, is picking up an 18.63 per cent stake in in-vitro diagnostics firm Shanghai Kehua Bio-engineering Co., Ltd (KHB) for 1.7 billion yuan ($240 million), per a company statement. Baolian will buy the stake from League Agent (HK) Limited (LAL), which is a vehicle of China-focused private equity firm FountainVest Partners. LAL had acquired a 19.44 per cent stake in KHB for 1.6 billion yuan ($264 million) back in 2014.  The transaction will be settled in cash before June 5, 2020, per a stock exchange filing.