Does China Vanke Prepare for $2 Billion IPO?

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Date: 05.05.2021

China Vanke Co., the country’s largest developer by market value, is working with an adviser to prepare for a listing of its property management business in Hong Kong that could raise about $2 billion, according to people with knowledge of the matter.

The Shenzhen-based company is holding talks with several other banks for the offering, which could take place as soon as the end of this year, the people said.

Vanke would join other Chinese developers such as China Resources Land Ltd. and Country Garden Holdings Co. in spinning off their management units, which are less vulnerable to government policy changes and economic cycles.

Property management and related services were China Vanke’s second-largest revenue generator after property sales. The business contributed 15.4 billion yuan ($2.4 billion), equivalent to about 3.7% of the developer’s total revenue in 2020, according to its annual report.

Based on: Bloomberg

#News #IPO #ICO #Vanke #Wcryptn.com

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