China Vanke sells Shenzhen land plot at loss-making reserve price [Yahoo! Finance]
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Source: Yahoo! Finance
filing on Monday showed, more than 27% below the price it paid for the same 19,000 square-metre block nearly seven years ago. Vanke is working to raise funds after saying last month it is facing short-term liquidity pressure, one of many companies to have been caught up in a broad-based cash crunch in China's crisis-hit real estate sector. Its largest shareholder, state-owned Shenzhen Metro, and Shenzhen-based company Baishuoyinghai jointly bought the plot at Vanke's reserve price, according to an online filing uploaded to a trading center in Shenzhen on Monday. Theirs was the only bid for the asset, the same filing, made after mainland stock market was closed, showed. Vanke bought the land in late 2017 for 3.1 billion yuan, according to previous documents. In a statement to Reuters, Vanke said the deal reflects that its largest shareholder is "supporting the company with market-based, legitimate measures and real money". It said the deal will help the firm free up capital f
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