SINGAPORE (Aug 29): Mainboard-listed APAC Realty is dipping its toes into the brokerage and resale markets in Hainan, China, unfettered by the province’s latest property cooling measures.

The company today entered a joint venture with Chinese real estate services provider Hainan Zhong Zhi Sheng He Real Estate Investment Consulting Co and asset manager Bei Guo Tou (Shanghai) Equity Investment and Fund Management Co, to conduct brokerage and real estate businesses in the province. The JV will also establish training and licensing programmes for real estate agents in Hainan.

The JV, ERA Hainan Estate Marketing Co, has a registered share capital of RMB 20 million ($4 million). APAC Realty paid $1.6 million for a 40% stake in the JV, says its CEO Jack Chua (photo left). Hainan Zhong Zhi owns 40% of the JV, while Bei Guo Tou owns the remainder.

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