Property News · December 18, 2016

Vanke ends rescue plan as Evergrande declares hand, tipping balance in shareholders


China Vanke, the country’s largest property developer and target of a hostile takeover, dropped its plan for summoning a white knight to its rescue, after a major shareholder declared its hand in the contentious tussle for control and tipped a crucial balance among shareholders.
Vanke decided to drop a June 17 plan involving the issuance of shares to buy Shenzhen Metro’s assets, citing the end of a six-month deadline for securing the consent of every shareholder, according to a…

Source : South China Morning Post
Read more…Vanke ends rescue plan as Evergrande declares hand, tipping balance in shareholders

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