China Vanke Co. (2202.HK) said after markets closed Monday that it will invest up to 3.4 billion Singapore dollars ($2.48 billion) in Singapore's Global Logistic Properties Ltd. (GBTZY), as part of a S$15.9-billion takeover deal by a Chinese-backed consortium for the warehousing company.
The Chinese property developer, which owns a 21.4% stake in the Chinese-backed consortium comprising investors including GLP's chief executive as well as Chinese investors Hillhouse Capital Group and Hopu Investment Management Co, said it will finance the deal with internal and external resources.
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China Vanke's shares, which were halted on the afternoon of July 14, will resume trading Tuesday.
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(END) Dow Jones Newswires
July 17, 2017 20:03 ET (00:03 GMT)