REA Group has completed a transaction to sell its Squarefoot.com.hk business assets in Hong Kong to 28Hse, a Hong Kong online real estate listings portal.
The move follows a strategic review conducted by the REA Group and the subsequent decision to further streamline its footprint in the Asian region by focusing on existing investments in REA India and PropertyGuru Group.
REA Group Chief Strategy Officer, Henry Ruiz explained 28Hse is a well-established business that has been operating its real estate portal in Hong Kong for more than 10 years.
“As a result of this transaction, the Squarefoot assets will allow 28Hse to expand its offering to customers and consumers,” Mr Ruiz said.
“REA Group sees great potential in the long-term opportunities across our global network.
“This includes our majority shareholding in REA India and our strategic partnership with PropertyGuru Group.
“These dynamic regions, which are experiencing rapid digitisation of the real estate sector, present exciting growth prospects.”
The agreement includes a one month transition period where REA Group will continue to operate the Squarefoot.com.hk platform to ensure a smooth transition for all stakeholders.
The news follows REA’s announcement in May that it had entered a binding agreement to combine REA’s Malaysia and Thailand businesses with PropTech company PropertyGuru.
The transaction was completed on August 3, with REA acquiring an 18 per cent equity interest in PropertyGuru, which it received as part of the group’s acquisition of REA’s Malaysia and Thailand entities.
Meanwhile, it was further announced on October 20 that REA Group Chief Executive Officer (CEO) Owen Wilson had joined the PropertyGuru board as a non-independent director.
