Country Garden Services Drops $14.7 Million Purchase of Hopefluent

Country Garden Services Holdings Co. Ltd., China’s largest residential property manager, called off an HK$115 million ($14.7 million) investment in real estate agent Hopefluent Group Holdings Ltd., following a forecast of 2023 profit plunge.

Hong Kong-listed Country Garden Services in a joint statement with Hopefluent said the companies have agreed to terminate a strategic cooperation agreement announced in November after considering factors including the prevailing market conditions, recent volatility in the capital markets and changes in the parties’ expectation on the implementation timeframe of the transactions.