China Vanke in talks to buy assets to speed up new business development

[HONG KONG] China Vanke said it was in talks to buy assets in cash, part of the property developer's effort to accelerate the development of its new businesses.

Vanke entered into a non-binding agreement with the potential seller in December to purchase certain assets. Although the initial timeframe to reach a deal has since passed, talks are onoing, it said in a filing to the Hong Kong bourse late on Sunday.

Vanke has appointed intermediaries to conduct due diligence, it added. It did not identify the potential seller.

Vanke, currently embroiled in a high-profile power struggle, has said that its business operations have suffered as a result of the battle for control.

REUTERS