China Vanke seeks talks with parties involved in ownership tussle

Shanghai

CHINA Vanke Co, the developer at the centre of a battle for control, said it wants to communicate with the parties involved and hopes to reach an agreement over its shareholding soon.

At a briefing in the southern Chinese city of Shenzhen on Monday, board secretary Zhu Xu warned of challenges ahead as the protracted tussle creates uncertainty. The comments came a day after the company reported a 10 per cent increase in first-half profit as a recovery in its home market boosted sales. Ms Zhu also reiterated that S&P Global Ratings and Fitch Ratings may adjust Vanke's credit ratings in future due to the ownership issue.