Runhua Living Service (HKG:2455) agreed to acquire a commercial property in Jinan for 40 million yuan from a company controlled by non-executive director and controlling shareholder Luan Hangqian, according to a Tuesday Hong Kong bourse filing.
The target property comprises a commercial villa unit with a gross floor area of about 2,709 square meters in Huaiyin District, Jinan.
Runhua said the acquisition will support the expansion of its property leasing business and help it capture opportunities in Shandong Province, its core market.
Shares of the firm were down nearly 3% in Tuesday's midday trade.