Perennial Real Estate Holdings acquires 49.9% stake in Shanghai's Renshoutang

SINGAPORE - Singapore-listed Perennial Real Estate Holdings has acquired 49.9 per cent of Shanghai RST Chinese Medical (Renshoutang), the largest integrated eldercare services operator in Shanghai, the firm said Tuesday (Sept 13), for about 735.5 million yuan (about S$148 million).

Once the transaction is complete - slated for the first quarter of next year (2017) - Perennial will be the largest single shareholder of Renshoutang, followed by its founder, Dr Feng Qiang.

The operator will become an associated company of Perennial, and contribute a new stream of recurring income to the group, it said in a statement.