According to the statement, Alibaba signed a framework agreement over the weekend with Deyin Investment, STO's biggest shareholder, which will devolve a combined 46 percent stake in the company to two new units that will be soon created.

Looking back, there were some major changes taking place in the real estate industry, including the "two centralized" new policies introduced for land transfer in 2021, the regulation complementary to the "Three Red Lines" pilot policy introduced in 2020, and the autonomy to regulate the housing market that has devolved to the level of each city, said Shaun Brodie, senior director and head of occupier research of China at Cushman &Wakefield.