Ever­grande de­nies de­sire to in­crease stake in Vanke

China Daily (Hong Kong) - - BUSINESS -

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.

PRO­VIDED TO CHINA DAILY

A man seeks in­for­ma­tion about China Vanke Co’s prop­erty projects at a real es­tate fair in Shenyang, Liaon­ing prov­ince.

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