MOSCOW, Sept 26 (Reuters) - O1 Properties, one of Russia’s largest commercial property owners, is in talks with Chinese developer Vanke Group about a potential stake sale, a source close to the talks told Reuters on Tuesday.
China’s second largest property developer by sales, Vanke has been diversifying into commercial businesses and businesses such as rental housing amid tough competition in China’s residential sector.
Three people familiar with the talks told Reuters last week that O1 Properties, controlled by businessman Boris Mints and his family, is in talks with a Chinese investor about a “significant” stake sale.
A source close to the talks told Reuters on Tuesday that O1 Properties and Vanke are talking about a stake worth up to 51 percent in the Russian company.
An O1 spokeswoman said there were no specific deals at the moment, reiterating a comment from the last week.
O1 Properties owns and manages 15 business centres in Moscow worth around $4 billion, according to the company. The source said O1 wants to raise cash for new acquisitions.
Vanke Group was not available for immediate comment. (Reporting by Olga Sichkar in Moscow, additional reporting by Clare Jim in Hong Kong; writing by Katya Golubkova; editing by Jason Neely)