In a sign that more consolidation could be on the way in China’s real estate sector, Xi’an Minsheng on Wednesday acquired a smaller property group in Shaanxi province.
Xi’an, the regional capital, is the land of the Terracotta Warriors, but it’s an army of fevered property investors that has worried Chinese authorities this year. However, Minsheng’s move comes as government measures to cool the market are working, making small developers juicy acquisition targets.
Minsheng paid approximately $50m for Huacheng Property, a group located in a fast-growing area of the city of Xi’an, where competition is less fierce than in more developed commercial zones and where disposable income is on the rise.
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