International Business Settlement (HKG:0147) unit Chaoyue Property Management agreed to acquire Residential Theme Park (Fuzhou) Property Management from Shanghai Xinsheng Property Management for 5 million yuan, a Monday filing with the Hong Kong bourse said.

Completion of the purchase is expected to take place on or before June 30, according to the real estate firm.

The target company, which is incorporated in China, engages mainly in property management and contracting operation rights on property management projects.

The acquisition will allow the company to expand its business scope into property management in China.