Evergrande denies desire to increase stake in Vanke
before the latest announcement, placing Vanke’s H shares on an overweight rating with a target price of HK$27.5.
China Resources had at that time firmly opposed the deal on concerns it would have diluted its stake in the developer. The firm had been Vanke’s largest holder since 2000 until it was replaced by little-known Baoneng in late 2015.
In a statement posted on its WeChat account late Thursday, China Resources said the sale of its Vanke stake was based on its strategic needs and industrial positioning, and that the deal would be beneficial to Vanke’s healthy and stable growth. Separately, Vanke said Shenzhen Metro would support Vanke’s management with its existing strategies and targets.
A man seeks information about China Vanke Co’s property projects at a real estate fair in Shenyang, Liaoning province.