REA Group Sells Hong Kong Assets

November 17, 2021
Share this Post: 

Multinational digital property portal business REA Group has sold its interests in 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 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, and and in Thailand. In return, the Australian company took an 18% interest in PropertyGuru.

November 17, 2021
Andrew is an experienced media and content professional, with extensive publishing experiences throughout Southeast Asia and in the United Kingdom. He has worked on the editorial and content operations for property portals including PropertyGuru and Juwai. He was also the Publishing Director for the Thai language edition of BusinessWeek magazine.

Subscribe to our mailing list to get news updates!

Enter your email address and get updates from Online Marketplaces.

Related News

New Ad Campaign for Italian Portal

A leading Italian property portal has embarked on a new, extensive advertising campaign. Over the next 10 months, will...

Read More
Lifull 2021 Results
Goodwill Impairment and Japanese Housing Market Hamper Lifull's Yearly Results

The Japanese portal and international aggregator operator Lifull has released a report on its annual results which shows that despite...

Read More
Zillow Fail Orange Aquash
Roundup: Another Week of Bad News for Zillow

Another week and another news cycle dominated by Zillow and its bombshell exit from iBuying. This week hasn't been much...

Read More
Lor Robot 4040
Ten Questions With Rian van Jaarsveld, GM of Live Online Retail

It has become a cliché at this point, but the fact that ‘real estate transactions are the biggest financial decisions...

Read More

Popular News