China Vanke, one of the world’s largest real estate companies, has sold a 48 percent stake in the Shanghai Nanxiang InCity Mega Mall, its largest commercial project, to its partner GIC, Singapore’s sovereign wealth fund, according to multiple news sources. Financial terms were not disclosed.
Mingtiandi reported China Vanke is selling off assets to ease RMB 322 billion ($44 billion) of debt, amid estimates that it will record an attributable net loss of RMB 7 billion to RMB 9 billion ($963 million to $1.2 billion) for the first six months of the year.
“During the reporting period, the company has formulated a ‘package of plans’ for business reformation and risks mitigation, insists on slimming down, reducing and resolving risks, and achieved positive progress,” said Vanke in a filing. “The company deeply apologizes for the performance loss.”
According to Mingtiandi, Vanke now retains a mere 2 percent stake of the operating compan
