The Wall Street Journal: Vanke to buy 4.9% stake in Cushman & Wakefield ahead of IPO

China Vanke Co.’s 2202, -0.78% Vanke Service agreed to buy what would amount to a 4.9% stake in Cushman & Wakefield ahead of the firm’s planned initial public offering.

The IPO, which would value Cushman at roughly $6 billion, including debt, is seen as a Wall Street referendum on the health of the economy as the fortune of real-estate firms is closely tied to its ups and downs.

Read: Cushman & Wakefield’s IPO: Here are 5 things to know

Global brokerage firms have been trying to insulate themselves from this volatility by building up businesses with steadier revenue streams like property management.

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