On August 19, 100% equity of Kai Fu Property Services Company Limited was transferred to CTG, marking the completion of the acquisition promoted by CTG with investment from CTG Finance.
On August 5, the share transfer procedure was completed in Hong Kong, with personnel from CTG Strategy Department, Overseas Business Department and CTG Finance, shareholders of Kai Fu Property, and agent representatives witnessing the signing ceremony.
This acquisition helps CTG implement its development strategy of "Based in Hong Kong" as a symbol of expanding CTG service portfolio on the industrial chain related to Hong Kong people's livelihood. It marks a breakthrough in CTG's business progress in Hong Kong while focusing on our core business.
For over two decades, Kai Fu Property has engaged in property management for the public housing administrated by the SAR government, providing cleaning, security and building maintenance services. Kai Fu Property has more than 1,600 employees who provide services for nearly 130,000 Hong Kong citizens in almost 40,000 residential units at 13 estates. The acquisition falls in line with CTG's concept of "Serving the public" with its business closely related with CTG's main business scope and backed by stable business mode and growth potential.
In the future, CTG will run Kai Fu Property based on the philosophy of market orientation, specialization and differentiation for three objectives: firstly, keep the team, business scope and operation of Kai Fu Property stable after the acquisition; secondly, facilitate the organizational and cultural integration of Kai Fu Property with the Group; and thirdly, improve the business, management and operational performance of Kai Fu Property. (CTG Overseas Business Department)