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Huafa Real Estate, Jones Lang Lasalle fined for failing to notify joint venture for China review

( February 1, 2021, 02:44 GMT | Official Statement) -- MLex Summary: China's Zhuhai Huafa Real Estate Management Service and Beijing Jones Lang Lasalle Property Management Services were each fined 350,000 yuan ($54,213) by the State Administration for Market Regulation for failing to notify their joint-venture plan for an antitrust review. The new entity, where Huafa owns 60 percent and Jones Lang Lasalle the rest, was established in September 2019. The deal met the prescribed notification threshold, but was found to have no anticompetitive impact following a probe that began in June last year, the regulator said in a statement published on its website.The statement follows and the penalty decision is attached....

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