Bo Feng Asset Management will sell its construction business to Daiwa House Group of Japan for $650 million.

Bofu Asset Management will sell its global construction business Multiplex to the Japanese company Daiwa House Group for $650 million. The company will continue to recover capital through asset sales. Bofu stated that the consideration for the transaction includes approximately $530 million in cash payable upon completion, as well as a performance-based contingent consideration. Bofu's assets under management are approximately $1 trillion.