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China Vanke subsidiary gains control of bankrupt company's assets

China Vanke Co. Ltd. said its unit, Guangzhou Wanxi Real Estate Co. Ltd., has paid a total of 20.1 billion yuan for the acquisition of equity interests in Guangdong Trust Real Estate Development Corp. and in its real estate arm, as of Jan. 9.

The amount also included the creditor's rights for Guangdong Trust Real Estate's debts that Guangzhou Wanxi assumed when it won the public auction for the assets of bankrupt Chinese company Guangdong International Trust Investment Corp. in June 2017, with a winning bid of about 55.1 billion yuan.

As such, Guangdong International has transferred the control of Guangdong Trust Real Estate and its Guangzhou real estate arm to Guangzhou Wanxi.

In addition, China Vanke said it plans to seek partners for the joint development of the acquired properties, and it is in discussions with a number of parties who expressed interest in participating in the potential investment.

Guangdong Trust Real Estate and its unit owned 16 land parcels encompassing 2,110,000 square meters, mostly in Guangzhou's Liwan and Yuexiu districts in China.

As of Jan. 9, US$1 was equivalent to 6.81 yuan.