BUZZ-China Vanke jumps on plan to auction Shenzhen land plot

Reuters05-09

** Hong Kong shares of China Vanke jump 8.3% to HK$4.84; its Shenzhen shares climb 3.9% to 7.48 yuan

** The property developer is selling a

Shenzhen land plot

at a reserve price of 2.24 bln yuan ($310 mln) via auction in a bid to ease liquidity stress

** It is also in talks with state-owned investment company Guangdong Holdings to sell its 21.4% stake in logistics firm GLP, sources have said

** China's eastern city of Hangzhou said it will lift all home purchase restrictions to meet the demand for improved housing

** Rivals Hopson , Longfor , Greentown China , Powerlong , Logan , Sunac

, Agile China South City and Shimao

up between 3.3% and 42.2%

** CSI 300 Real Estate Index surges 3.7%, Hang Seng Mainland Properties Index rises 3.1% and Hang Seng Index adds 1.2%

** Vanke's Hong Kong-listed stock down 33.7% YTD, Shenzhen shares down 28.5% YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment