Ever­grande buys stake in Vanke

The Myanmar Times - - International Business -

CHINA'S Ever­grande Real Es­tate has bought a stake worth more than US$1 bil­lion in the na­tion’s big­gest prop­erty com­pany Vanke – the lat­est de­vel­op­ment in an on­go­ing tus­sle over con­trol of the firm.

Bosses of Vanke, which is China's largest res­i­den­tial de­vel­oper by sales, have for months been try­ing to stave off what would be the coun­try's first hos­tile blue-chip takeover, af­ter a pri­vate con­glom­er­ate pur­chased a more than 20 per­cent stake.

Ever­grande an­nounced last week it had paid 9.11 bil­lion yuan ($1.37 bil­lion) for 4.68pc of Vanke shares.

It is not yet clear where Ever­grande fit in to the tus­sle for Vanke, which has been trig­gered by pri­vate con­glom­er­ate Bao­neng.

With an eye on its valu­able land bank, Bao­neng be­gan buy­ing shares in Vanke last year, be­com­ing its largest share­holder in De­cem­ber with a 24.26pc stake.

It an­nounced in June a 45.6 bil­lion yuan as­set swap and re­struc­tur­ing that would see state-owned sub­way op­er­a­tor Shen­zhen Metro Group over­take Bao­neng as its big­gest share­holder.

Newspapers in English

Newspapers from Myanmar

© PressReader. All rights reserved.