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Vanke’s repurchase plan
Print Edition
CHINA Vanke Co said yesterday that it plans to repurchase up to 10 billion yuan (US$1.6 billion) of its Shenzhen-listed A shares to “protect investors’ interests in view of the recent instability of the A-share market.”
The proposed price of the repurchase will not exceed the 13.70 yuan closing price of the company’s A shares last Friday, the country’s leading residential developer said in a stock exchange filing.
The 10 billion yuan price is equivalent to no less than 730 million shares, accounting for not less than 6.6 percent of the company’s total issued stock, the developer said.
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