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Vanke seals deal with Blackstone, chips in $583 million

26/07/2016

Reuters

Developer China Vanke Co Ltd said on Thursday it and its partners have sealed a $1.9 billion deal with Blackstone Group LP and third parties, with itself putting in 3.89 billion yuan ($583.02 million) to buy their property firms. Vanke is mired in a high-profile corporate power struggle.

Fearing a hostile takeover bid by its biggest shareholder, financial conglomerate Baoneng, Vanke’s management announced a $6.9 billion deal with Shenzhen Metro Group last month, which would dilute the holdings of Baoneng and China Resources.

 

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