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China Vanke seeks strategic partnership
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CHINA Vanke Co Ltd is in talks with investors, including funds and real estate peers, to develop a strategic partnership.
Wang Shi, Vanke's chairman, didn’t provide names or details when speaking today in Hong Kong, where the company's 1.31 billion H shares debuted on the main board of the Hong Kong Stock Exchange.
The property developer converted its B-shares in Shenzhen into H shares and listed in Hong Kong without raising any new capital. Its Hong Kong shares opened at HK$13.66 (US$1.76) and closed at HK$13.28. That compared with the last trading price of HK$12.41 for its B-shares in Shenzhen on June 3. The company's yuan denominated A shares gained 4 cents to 8.13 yuan (US$1.3) today in Shanghai.
China Vanke is the third company to leave the languishing foreign-currency denominated B-share market following China International Marine Containers and Livzon Pharmaceutical in pursuit of better access to international capital.
"Moving to Hong Kong will help our international brand and help attract strategic investors,” Wang said today. "It will allow international investors to invest directly and it will be more healthy for Vanke to leverage on this international platform."
The developer has no fundraising plans at the moment, according to Wang.
Vanke's property sales totaled 6.47 million square meters, or 81.5 billion yuan by value, in the first five months of this year, a year-on-year increase of 7 percent and 16.2 percent, respectively, the company said earlier.
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