ASF Group Limited Thursday announced the re-acquisition of a 40 per cent interest in ASF Properties Pty Limited. The company entered an agreement with Chinese entrepreneur Mr Jianzhong Yang for the re-acquisition of the 40 per cent equity interest held by Mr Yang in ASF Properties. The investment was for an agreed sum of $1 million.
ASF Properties is an integrated provider of tailored services in the property services segment. The company has a strong focus on inward investment by China-based high net worth and corporate investors. The ASF Group last year sold stakes in two of its subsidiaries for a combined sum of $2.8 million. The 40% stake in its real estate subsidiary, ASF Properties, was sold to Chinese entrepreneur Jianzhong Yang for $1 million, while a further 11% stake in ASF Resources was sold to Yongbin International Holdings for $1.8 million.
A statement by ASF Group Limited noted that ASF Properties represents an important strategic platform in ASF's role as a 'bridge' for China-based investors to access the Australian real estate market, an important part of which is its marketing network. ASF Properties continues to specialize in high end residential developments in Australia.