Vanke denies bank talks

China Vanke Co, China's largest developer by sales, denied it was in talks about setting up a private bank in cooperation with Tencent, saying it "has no interest," the 21st Century Business Herald newspaper reported Tuesday.

"Vanke and Tencent have never engaged in any negotiations over setting up a private bank," said Tan Huajie, Vanke's board secretary. However, Tan did not rule out the possibility of future cooperation between the two companies.

There were rumors circulating in the market last week claiming that Vanke and Tencent, two companies both based in Shenzhen, will jointly set up privately held Qianhai Bank.