(Yicai Global) Feb. 15 -- Country Garden's property management arm intends to buy the remaining shares of Everjoy Services, an increasingly profitable peer that could go public in Hong Kong, to enhance its brand influence in medium and high-end real estate.

Country Garden Services Holdings plans to acquire nearly 93.8 percent of Everjoy's equity, the Foshan-headquartered property giant said in a statement yesterday, without disclosing the price.

The purchase will complement Country Garden’s business and expand the potential of its community value-added services, said the property developer. It should integrate advantages on both sides and lower operating costs, it added.

Country Garden has been bolstering its property management network in recent years. It acquired Link Joy Holdings Group for up to CNY3.3 billion (USD519.4 million) last September. Moreover, it purchased R&F Property Services Group for CNY10 billion (USD1.6 billion) the same month. Finally, the real estate giant bought a nearly 65 percent stake in Languang Justbon Services Group for CNY4.8 billion a year ago.

Everjoy got the green light to go public in Hong Kong last December. Country Garden was Everjoy's third-largest shareholder with its 6.2 percent stake at the time, according to the prospectus.

Everjoy has business in more than 150 cities with over 290 projects or 33.2 million square meters of gross floor area under management as of June 30. In the first half of 2021, the company's revenue surged more than three times to CNY663 million (USD104.4 million) from a year earlier. Its net profit jumped more than four times to CNY106 million.

Country Garden’s share price [HKG: 6098] closed 0.1 percent down at HKD50.65 (USD6.50).

Editor: Emmi Laine, Xiao Yi