China Vanke Co (HK:2202) has released an update.
China Vanke Co. has sold a significant asset, consisting of land use rights and buildings in Shenzhen, for RMB 2.235 billion, aiming to streamline operations and concentrate on its core businesses of real estate, property services, and rental housing. The public listing-for-sale transaction was won by Baishuo Investment and SZMC, the company’s largest shareholder, enhancing China Vanke’s liquidity while eliminating the need for further investment in non-core assets. This strategic divestiture is expected to impact the company’s profit and loss by roughly RMB -1.785 billion but is considered fair and in shareholder interest.
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