Vanke sells headquarters project for $309 million to raise cash - Hindustan Times
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Vanke sells headquarters project for $309 million to raise cash

Bloomberg |
May 28, 2024 11:46 AM IST

China Vanke Co sold an unfinished property project once designated as its new headquarters to buyers including a major shareholder

(Bloomberg) -- China Vanke Co. sold an unfinished property project once designated as its new headquarters to buyers including a major shareholder, the developer’s latest effort to divest assets and boost liquidity.

China Vanke Co. sold an unfinished property project once designated as its new headquarters to buyers including a major shareholder (Representational photo) (Photo by AFP)(AFP)
China Vanke Co. sold an unfinished property project once designated as its new headquarters to buyers including a major shareholder (Representational photo) (Photo by AFP)(AFP)

Also Read: China’s housing rescue too small to end crisis, analysts say

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Vanke sold the commercial real estate project in Shenzhen, which spans an area of almost three soccer fields, for 2.24 billion yuan ($309 million), according to an auction result posted Monday at a government-backed land trading center. That’s less than the 3.1 billion yuan it paid for the plot in 2017.

The joint buyers include state-owned Shenzhen Metro, Vanke’s largest shareholder, according to a company statement sent to Bloomberg. They purchased the plot at the starting price. The deal will help Vanke reduce the use of funds in non-core assets, it added.

Also Read: China unveils 'historic' steps to stabilise crisis-hit real estate sector

State-backed Vanke has become the latest flashpoint in the nation’s property crisis. Still, the company has raised almost $4 billion in bank loans in recent weeks, and government efforts to support the housing market have also improved its prospects.

Also Read: Can Indian real estate market face a crisis like China's Evergrande?

©2024 Bloomberg L.P.

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