Equity Analysis /
Hong Kong

HK : Times Neighborhood - Raising stake in Chengdu Holytech to 80%

    Raymond Cheng
    Raymond Cheng

    Head of Hong Kong Research

    Will Chu
    Will Chu

    Analyst

    CGS-CIMB
    19 April 2021
    Published by

    Times Neighborhood will increase its stake in Chengdu Holytech from 49% to 80%. The existing net profit guarantee for Holytech remains in place. The deal will lift the company’s GFA under management to at least 90m sq m. Holytech’s financials will also be consolidated into the company. Times Neighborhood currently has no further budget for MA in FY21F. Reiterate Add with an unchanged TP of HK$9.8.