China's First Service hits record high as Sunac Services offers to buy stake

** Shares of First Service Holding Ltd jump 59.9% to HK$2.19, deliver their highest and biggest daily percentage gain since debut in October 2020

** The property management services provider's stock is third-biggest percentage gainer on the Hong Kong bourse

** Sunac Services Holdings Ltd has agreed to buy a 32.22% stake of First Service for 692.7 mln yuan ($108.2 mln) from major shareholders

** The property management arm of Sunac China Holdings Ltd

will then make a mandatory cash offer for all outstanding First Service shares at HK$2.6167 each, or 91% premium to the previous close on Oct 7 - prior to a trading halt

** Sunac Services stock falls 1.1% and Sunac China down 2.6%

** The Hang Seng sub-index tracking property firms drops 1.7%, and Hang Seng Mainland Properties Index falls 1.9%

** The Hang Seng Composite Index, tracking properties and construction stocks , declines 1.8% and the benchmark index slips 1%

** Stock of Beijing-based First Service up 29.3% this year, as of last close