Vanke to buy back up to 10b yuan A shares

Shanghai

CHINA Vanke Co has approved a plan to repurchase as much as 10 billion yuan (S$2.17 billion) of its A shares after the government imposed more steps to stem a stock-market rout including halting initial public offerings (IPOs).

Vanke, China's largest residential homebuilder, said it plans to repurchase the Shenzhen-listed A shares at as much as 13.70 yuan each, which is the previous closing price on July 3, according to a statement to the Hong Kong stock exchange. No less than 6.6 per cent of Vanke's total issued stock will be bought back, assuming a full amount of repurchase.