Vanke to Sell Headquarters Project as It Divests Assets for Cash [BNN Bloomberg (Canada)]
COUNTRY GARDEN HL UNS/ADR (CTRYY)
NASDAQ:AMEX Investor Relations:
en.bgy.com.cn
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Source: BNN Bloomberg
The commercial real estate project in Shenzhen, which spans an area of almost three soccer fields, will go on sale on May 18, according to a land auction statement published Wednesday on a government-backed newspaper in the city. It will seek bids at a starting price of 2.2 billion yuan ($305 million). That's less than the 3.1 billion yuan Vanke paid for the plot in 2017. State-backed Vanke has become the latest flashpoint in the nation's property crisis, underscoring the severity of the sector's challenges. Once China's largest developer, it has joined a list of major companies including Country Garden Holdings Co. in a fight for survival. The company will exit non-core operations and adjust its model for raising money, Bloomberg reported last week, citing a memo from a shareholder meeting. Vanke said in March that it aimed to reduce interest-bearing debt by more than half in five years. It is also preparing a 130 billion yuan asset package to use as collateral as it seeks new b
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