Name: SCMP
Telephone: +852-2680-8888

bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

helpersCheckIsPostiesArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

moreOnThisArticles

urlAlias

commentCount

sponsorType

authorLocations

authors

paywallTypes

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

socialHeadline

headline

flag

firstTopic

glossary

flattenTypeIds

publishedDate

additionalInfoBoxes

images

image

relatedLinks

relatedNewsletters

__typename

createdDate

sponsor

factSheets

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

copyrighted

customTimezone

liveContents

Summer Zhen

China Vanke confirmed on Wednesday it is buying certain assets of Guangdong International Trust Investment Corporation and has requested its shares in Hong Kong be suspended from trading, pending further details of the deal.
The country’s second largest homebuilder said on Friday it had won a public auction to buy the equity interests and creditors’ rights of the bankrupt state-owned trust company’s real estate subsidiaries for 55.1 billion yuan (US$8.1 billion).
The trusts core assets involve 16 land parcels in prime areas of Guangzhou, the largest city in southern China by population, covering a total gross floor area of about 2.11 million square metre.
China Vanke wins prime site and assets in auction for 55b yuan
Vanke plans to develop the sites into residential properties, commercial properties, hotels and offices.
The developer continued to trade on Wednesday in Shenzhen, and its shares rose 2.85 per cent to close at HK$24.54.
Guangdong International Trust is known as China’s first non-bank financial institution ever to enter bankruptcy, in 1999, as a result of the Asian financial crisis as well as the biggest bankruptcy in the nation’s history since 1949.
The 16 land parcels are its most valuable assets, but the development of some has been suspended for 20 years, while others lie undeveloped, financial news outlet Caixin reported.
“We believe the bundle of assets Vanke plans to acquire is of good quality,” global rating agency S&P said on Friday,
“However, the assets are likely to require a long digestion period... and will include a debt component which is yet to disclosed.”
Separately, Vanke said on Wednesday in the first six months, it achieved contracted sales of 277 billion yuan (US$187 billion), a 46 per cent rise year on year.


China’s property developers from Vanke to Longfor see October sales surge

Top Chinese developers’ sales up slightly in September following Beijing support

Country Garden seeks extension on 9 bonds amid plunging home sales, financial woes

China Vanke suffers first interim loss in two decades as home sales plunge 38%

China Vanke

Vanke trading suspended for Guangdong Trust Acquisition

One of the pieces of empty land purchased by China Vanke. Photo: Xiaomei Chen

Business

Property

Hong Kong & China

Core assets involve 16 land parcels in prime areas of Guangzhou covering total a gross floor area of about 2.11 million square metres
