Multinational digital property portal business REA Group has sold its interests in SquareFoot.com.hk to Hong Kong online real estate business 28Hse.
The transaction, revealed today in a statement to the Australian Securities Exchange, follows a strategic review and the subsequent decision to further streamline REA’s footprint in the Asian region by focusing on its existing investments in REA India and PropertyGuru Group.
Henry Ruiz, REA Group Chief Strategy Officer said: “28Hse is a well-established business that has been operating its real estate portal in Hong Kong for more than 10 years. As a result of this transaction, the Squarefoot assets will allow 28Hse to expand its offering to customers and consumers."
The transaction includes a one-month transition period where REA Group will continue to operate the Squarefoot.com.hk platform to ensure a smooth transition for all stakeholders.
Ruiz added: “REA Group sees great potential in the long-term opportunities across our global network. This includes our majority shareholding in REA India and our strategic partnership with PropertyGuru Group. These dynamic regions, which are experiencing rapid digitisation of the real estate sector, present exciting growth prospects.”
In August 2021, PropertyGuru Group completed a deal for REA Group assets iProperty Malaysia and Brickz.my, and thinkofliving.com and prakard.com in Thailand. In return, the Australian company took an 18% interest in PropertyGuru.