Onewo (HKG:2602) subsidiary Beijing Vanke Service agreed to acquire the entire equity interest in Beijing Wanyi Commercial Management, free from all encumbrances, from its associate, Beijing Lianwanxiang Construction Technology, for 55 million yuan, a Thursday Hong Kong bourse filing said.

The transaction will also see the transfer of a project of the vendor, such as certain floors in two buildings in TBD Vanke Plaza, Beijing, along with the transfer of its corresponding state-owned construction land use rights.

The consideration will be set off against the amount of 55 million yuan owed by the vendor group to the purchaser and its associates. The vendor will fund the acquisition through its internal financial resources.