Property News · June 29, 2017

China Vanke wins prime site and assets in auction for 55b yuan


China Vanke, the country’s second-largest homebuilder, has won a huge asset package from a bankrupt state-owned company that includes a mega prime site in Guangzhou for 55.1 billion yuan in a public auction.
This is the first sizable acquisition by the developer after a near two-year shareholder tussle.
Vanke beat seven other developers in the ferocious bidding war for the assets of Guangxin property, the liquidated real estate arm under Guangzhou government. The auction attracted the…

Source : South China Morning Post
Read more…China Vanke wins prime site and assets in auction for 55b yuan

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