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China Vanke signs deal to buy 55.1b yuan land assets, shares to resume trade

China Vanke.JPG
Land developer China Vanke Co posted a 33.5 per cent rise in first-half core profit, helped by a property boom and higher margins, and said it expected the market to cool.

[HONG KONG] China Vanke Co Ltd said on Friday it had entered into an asset transfer agreement to buy the equity interests and creditors' rights of companies with assets, including land, for 55.1 billion yuan (S$11.2 billion).

China's second-largest property developer by sales said it had signed the agreement with the liquidation team of bankrupt Guangdong International Trust Investment Corporation.

Trade in the Hong Kong shares of the developer, which were suspended on Wednesday, will resume on Friday.

China Vanke said last Friday that it had won an auction to buy the land assets but no formal agreement had been entered.

REUTERS

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