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China Vanke shareholder completes 37.17B yuan share transfer deal

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China Vanke shareholder completes 37.17B yuan share transfer deal

China Vanke Co. Ltd. said that Shenzhen Metro Group Co. Ltd. became the second-biggest shareholder in the company after a completed share transfer deal Jan. 24.

China Resources Co. Ltd. and China Resources Trade Co. Ltd. transferred their roughly 15.31% stake in the company for approximately 37.17 billion Chinese yuan. The transferred stake comprises 1,689,599,817 A shares.

China Vanke added that it still does not have a controlling shareholder or de facto controller following the share transfer. Additionally, China Resources and China Resources Trade ceased holding any shares in China Vanke following the share transfer.

Fitch Ratings said the change in China Vanke's shareholding structure will not affect the developer's BBB+ rating with a stable outlook.

As of Jan. 24, US$1 was equivalent to about 6.86 Chinese yuan.