Market Chatter: Vanke Offloads Remaining 10% Stake in JV with Singaporean Fund GIC

MT Newswires Live12-22 16:42

China Vanke (HKG:2202, SHE:000002) offloaded its remaining 10% stake in Shanghai Wanshi, a joint venture with Singapore-based wealth fund GIC, Nikkei Asia reported Monday, citing corporate records.

The records did not disclose the transaction value, the report said.

In 2014, Vanke disposed of a 90% stake in Wanshi to GIC for 1.65 billion yuan, according to Nikkei.

Vanke's sale comes as it is negotiating with holders of a 2-billion-yuan onshore bond that matured early in December. The five-day grace period expired on Monday, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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