China

China Vanke Posts RMB 14.54 Bln in May Sales

This article was originally published on June 3, 2014 at 11:34 pm EST

Summary:

  • China’s leading real estate developer China Vanke (CH: 000002) has reported RMB 14.54 billion in May sales, compared with RMB 14.16 billion sales in May 2013.
  • Sales for the first five months of this year totaled RMB 81.52 billion, rising 16.2% compared with the same period of 2013.
  • The company says it has started three new projects in Beijing, Nanning and Shenyang during May. Vanke will pay RMB 1.375 billion in total for the lands.

Why It Matters:

  • Earlier China Vanke reported April sales of RMB 12.75 billion, an increase of 3% year-over-year.
  • In order to give the board more power and to prevent a hostile takeover bid, Shenzhen YingAn Financial Consulting Co., which represents the company’s 1,320 “business partners”, purchased 147.35 million A-shares in Vanke over the past four consecutive trading days and now holds 1.34% of Vanke. Based on Vanke’s shareholder structure announced in its 2013 annual report, Shenzhen YingAn is now the second largest shareholder in Vanke.