China Vanke to buy 5% stake in Cushman & Wakefield

China’s largest real estate firm China Vanke has bought a 5% stake in Cushman & Wakefield ahead of the advisory firm’s initial public offering.

Cushman has agreed to sell 10.2 million shares in the company through a private placement deal to a unit of China Vanke, paperwork filed with the Securities and Exchange Commission (SEC) shows.

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