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July 25, 2018, 10:16 p.m. EDT

Vanke to buy 4.9% stake in Cushman & Wakefield ahead of IPO

Companies plan to discuss business opportunities in China

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By Maria Armental

Bloomberg News
Pedestrians walk past Cushman & Wakefield Inc. signage in Miami, Fla.

China Vanke Co.’s /zigman2/quotes/203851375/delayed HK:2202 -0.13%   Vanke Service agreed to buy what would amount to a 4.9% stake in Cushman & Wakefield ahead of the firm’s planned initial public offering.

The IPO, which would value Cushman at roughly $6 billion, including debt, is seen as a Wall Street referendum on the health of the economy as the fortune of real-estate firms is closely tied to its ups and downs.

Read: Cushman & Wakefield’s IPO: Here are 5 things to know

Global brokerage firms have been trying to insulate themselves from this volatility by building up businesses with steadier revenue streams like property management. Such “recurring” revenue accounted for 47% of Cushman’s total in 2017, according to documents filed with the Securities Exchange Commission.

Cushman, which disclosed the Vanke investment late Wednesday, said the two companies plan to discuss business opportunities in the Greater China region.

An expanded version of this report appears on WSJ.com.

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HK : Hong Kong
$ 15.72
-0.02 -0.13%
Volume: 20.07M
Dec. 2, 2022 4:08p
P/E Ratio
Dividend Yield
Market Cap
$233.03 billion
Rev. per Employee

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