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Vanke buys Winsor to expand overseas
Source: Bloomberg News |
May 16, 2012, Wednesday
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Print Edition
Print Edition
CHINA Vanke Co, the country's biggest publicly traded developer, will pay HK$1.08 billion (US$139 million) for 74 percent of Hong Kong-traded Winsor Properties Holdings Ltd to expand overseas.
Winsor, controlled by Wing Tai Properties Ltd, will hold a 657,000-square-foot commercial building in Hong Kong's New Territories as its sole asset after restructuring, Vanke and Winsor said in a joint filing to the Hong Kong stock exchange. Winsor's restructuring awaits regulatory approval.
The main purpose of the purchase is "a trial for global expansion," for Vanke, Tan Huajie, the developer's board secretary, said in an e-mail.
Vanke is going abroad as home prices and sales drop in China on government curbs on the market.
Winsor, controlled by Wing Tai Properties Ltd, will hold a 657,000-square-foot commercial building in Hong Kong's New Territories as its sole asset after restructuring, Vanke and Winsor said in a joint filing to the Hong Kong stock exchange. Winsor's restructuring awaits regulatory approval.
The main purpose of the purchase is "a trial for global expansion," for Vanke, Tan Huajie, the developer's board secretary, said in an e-mail.
Vanke is going abroad as home prices and sales drop in China on government curbs on the market.
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