Property News · June 13, 2017

Vanke stake sale smooths way for Evergrande’s much-prized Shenzhen IPO, despite US$1b hit


Despite taking a hefty loss of 7 billion yuan (US$1 billion), China Evergrande Group is still considered very “lucky” to have extracted itself from the China Vanke takeover saga, according to analysts.
Evergrande, China’s largest property developer, revealed its holding in housebuilder Vanke was sold to Shenzhen Metro Group for 29.2 billion yuan on Friday.
The sale of its 14.07 per cent stake to Shenzhen Metro, which Vanke said on Monday night had been approved by the Shenzhen…

Source : South China Morning Post
Read more…Vanke stake sale smooths way for Evergrande’s much-prized Shenzhen IPO, despite USb hit

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