CB Richard Ellis, a commercial real estate services provider and the world's largest manager of commercial property and corporate facilities, announced yesterday the acquisition of PropertyOne, a commercial property asset management and consultancy services firm in Hong Kong. But it didn't disclose the deal amount.

The acquisition of PropertyOne fits with the company's strategy to grow its property asset management business in Hong Kong and the strategic investment is expected to help position CBRE as a premier property asset management service provider in the Hong Kong market, said Craig Shute, senior managing director for CBRE's Hong Kong, Macau & Taiwan operation.