Vanke, a leading property developer in China, said late Thursday its shareholder China Resources will transfer all its stake in Vanke to Shenzhen Metro Group.
According to the deal, China Resources Co. Ltd. and one of its wholly owned subsidiaries will jointly transfer their 1.69 billion A-shares to Shenzhen Metro Group for about 37.2 billion yuan (5.38 billion U.S. dollars), or 22 yuan per share. The shares account for 15.31 percent of Vanke's total equity, said a bulletin published by Vanke on the Shenzhen Stock Exchange website.
China Resources is one of the country's largest state-owned conglomerates under the State-owned Assets Supervision and Administration Commission of the State Council.
