Vanke unit Onewo to buy remaining stake in Shanghai Xiangda for $120 million (updated)
31/03/2025 14:52
Adds details on transaction, background on China Vanke March 31 (Reuters) - Chinese property developer Vanke's 000002.SZ residential property management unit Onewo 2602.HK said on Monday it will take full ownership of the real estate development firm Shanghai Xiangda for 870.3 million yuan ($119.99 million). Onewo will gain full ownership of Xiangda by acquiring the remaining 55% stake through its subsidiary, Onewo Business Enterprise Space Technology. The news follows Vanke's 49.5 billion Chinese yuan loss for the year, as the embattled property developer seeks money-making ventures like Xiangda, which made a profit for the year. Vanke, which has been facing a liquidity crisis alongside its peers in the region, also announced the resignation of its Executive Vice President Liu Xiao on Monday. ($1 = 7.2536 Chinese yuan renminbi) (Reporting by Nichiket Sunil in Bengaluru; Editing by Vijay Kishore) ((Nichiket.Sunil@thomsonreuters.com))