China Vanke Wins Bidding for Guangzhou Properties Assets for CNY55.1 Billion
Chinese real estate developer China Vanke Co. Ltd. (2202.HK) said Friday it has won bidding for certain assets of Guangdong International Trust Investment Corp. for 55.1 billion yuan (US$8.1 billion), a deal could boost its land reserve and enhance its market position in Guangzhou.
After the deal, China Vanke will acquire the equity interests of Guangdong Trust Real Estate and Guangzhou Real Estate Branch, whose principal assets are properties in Guangzhou, southern China. Those properties will be developed into residential and commercial properties, hotels and offices with an expected total gross floor area of 2.11 million square meters.
China Vanke said it is in talks with a potential partner to jointly develop the properties.
Trading of China Vanke's H shares was suspended on Wednesday and has resumed on Friday.
In a separate announcement, China Vanke said late Thursday units of China Evergrande Group (3333.HK) have completed the share transfer of 1.55 billion A-Shares of China Vanke to Shenzhen Metro Group Co. Ltd. Shenzhen Metro now holds 29.38% in China Vanke and is the largest shareholder of the developer, China Vanke added.
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(END) Dow Jones Newswires
July 06, 2017 21:31 ET (01:31 GMT)