Chinese real estate broker IFM Investments inks deal to acquire 11 brokerages in Shenzhen

IFM Investments buying 11 brokerages in Shenzhen

BEIJING — IFM Investments Ltd., also known as Century 21 China, said Monday it will acquire 11 real estate brokerages in the Bao’an district of Shenzhen, China.

Century 21 China Real Estate’s Chairman and CEO Donald Zhang said the company is taking advantage of the recent real estate market slowdown to secure new locations and expand its markets, in a move to be better positioned for a housing revival.

The Chinese government has been worried about a possible boom and bust in real estate prices and is trying to cool surging housing costs, which it sees as a political liability.

The Chinese real estate broker will acquire the brokerages’ property listings, customer database and other assets, but no debt obligations. Once completed, the transaction will bring IFM Investment’s roster of real estate sales offices in Shenzhen to 56.

Financial terms of the deal were not disclosed.

Shares in IFM Investments slipped 7 cents to $5.10 during afternoon trading.