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  • February 16, 2023

BEIJING/HONG KONG :Chinese property and logistics firm Xiamen C&D Inc said on Friday it plans to acquire a 30per cent stake in home furnishings store operator Red Star Macalline Group in a deal worth up to 6.3 billion yuan (US$938 million).

Xiamen C&D said the purchase of a 29.95per cent stake from Red Star Macalline Holding Group, the company’s controlling shareholder, would require approval from the state asset regulating authority in the city of Xiamen, which controls Xiamen C&D.

The deal would bring in cash for the holding company which a Fitch Ratings report in September said faced tight liquidity

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