CHINA VANKE CO., LTD

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China Vanke to Recover CNY39.04 Billion Lent to Unit Via Stake-Sale Deal

06/30/2020 | 06:43am

By Martin Mou

China Vanke Co. said Tuesday it will recover a total of 39.04 billion yuan ($5.51 billion) lent to a unit via a stake-sale deal.

China Vanke, one of China's largest developers, has agreed to transfer its 50% equity stake in Guangzhou Wanxi to CITIC Trust.

Guangzhou Wanxi will use a shareholder loan of CNY7.04 billion from CITIC Trust and seek another loan from financial institutions to repay Vanke.

In a separate filing, Vanke said it has agreed to set up a joint venture with Shenzhen Metro Group Co. to invest in new-infrastructure and rail projects in Shenzhen, China's tech hub that borders Hong Kong.

Vanke and SZMC, Shenzhen's subway operator and also a major Vanke shareholder, will each contribute CNY500 million to establish the joint venture, Vanke said.

 

Write to Martin Mou at martin.mou@wsj.com

 

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