Nov. 6, 2023
Vanke Gets Support From State-owned Shareholders
SHENZHEN,November 6 (TMTPOST) – Chinese property developer Vanke’s shareholders on Monday afternoon expressed their staunch support for the troubled company, leading to hikes in its stock prices and bond prices. During the online meeting, the Shenzhen-based company shared its conditions with over 150 finanical institutions. Wang Yongjian, the director of the State-owned Assets Supervision and Management Commission (SASMC) of Shenzhen, Xin Jie, the Chair of Shenzhen Metro, Vanke Chairman Yu Liang, Vanke President Zhu Jiusheng and Vice President and CFO Han Huihua attended the meeting.     Shenzhen SASMC said at the meeting that Vanke has no financial risks or management risks and is a key member of Shenzhen’s state-owned asset system. If Vanke is faced with serious problems or when it is needed, Shenzhen SASMC has enough funds and tools to help Vanke handle it through project cooperation, optimization of shareholding structure, bond subscription and other legal and market-based measures. Shenzhen Metro noted that it will stand firmly with Vanke and have a tool kit ready to back it up. Shenzhen Metro said it has strengths and capabilities to help Vanke prevent and tackle various kinds of risks. On the back of the news, Vanke’s domestic bonds and U.S. dollar bonds stopped their decline. Its stock prices in Shanghai and Hong Kong went up. Vanke shares in Shanghai closed at 11.97 yuan on Monday, up 6.21% from the previous trading day. Meanwhile, Vanke shares in Hong Kong closed at HK$8.14, up 7.25% from the previous trading day.
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