HONG KONG (Reuters) - China Vanke said on Wednesday it would make an announcement about its acquisition of assets of Guangdong International Trust Investment Corporation and asked that its shares in Hong Kong be suspended from trading.
China’s No.2 property developer by sales said on Friday it had won an auction to buy the equity interests and creditors’ rights of the bankrupt trust company’s subsidiaries for 55.1 billion yuan ($8.1 billion).
The principal assets involve 16 land parcels in prime districts of Guangzhou, a top-tier city in southern China, which Vanke plans to develop into residential property, commercial property, hotels and offices.
Vanke shares in Shenzhen continued to trade on Wednesday and were down 0.5 percent in the morning, compared to a 0.1 percent rise in the CSI300 Index.
Reporting by Clare Jim; Editing by Edwina Gibbs and Muralikumar Anantharaman