China Vanke plans to auction its unfinished Shenzhen property project, bought in 2017, to raise cashflow through asset disposals.

China Vanke plans to sell an unfinished property project in Shenzhen, its former headquarters site, as part of asset divestment to boost liquidity. The 19,000 sqm land plot, bought in 2017 for 3.1bn yuan, will be auctioned on May 18 with a starting price of 2.2bn yuan. Vanke has been facing short-term liquidity pressure and operational difficulties, and aims to raise cashflow through bank financing and asset disposals worth over 30bn yuan.

May 08, 2024
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