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China's State Capital Raised Stake in Property Developers
June 21, 2017
China's second biggest property developer Evergrande was selling its entire 14.7% stake in China's biggest home builder China Vanke for aggregate consideration of approximately RMB29.2 billion to state Metro Shenzhen, the state-owned subway operator's control over Vanke was affirmed after it raised its stake to 29.38%, gaining three board seats.
China Vanke Chairman Wang Shi, one of the best known Chinese businessmen, unveils today he will step down from the board of the company. According to stock exchange filing, the state owned metro operator will gain three board seats in the company, subject to annual general meeting approval at the end of this month.
The state-owned subway operator also increased shareholding in China Evergrande through evergrande's "capital increase" program in May.
- Staff Writer APMR News
Article Published on : 2017 June 21, 4:45 pm GMT+800
Article Last Updated : 2017 June 21, 8:55 pm GMT +800
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