HK-listed China Vanke rises on sale completion of Shenzhen land plot

Shimao group

28/05/2024 03:31

** Hong Kong-listed shares of embattled Chinese property
developer China Vanke  2202.HK  rise 5.6% to HK$6.45, their
biggest intraday pct gain since May 17
    ** Stock on track to snap three straight sessions of losses,
if trend holds
    ** Shenzhen-listed stock  000002.SZ  gains as much as 1.4%
    ** China Vanke said on Monday it had completed sale of a
Shenzhen land plot to shareholders Shenzhen Metro and Shenzhen
Baishuo Yinghai Investment for 2.24 bln yuan ($309.23 mln), more
than 27% below the price it paid nearly seven years ago
    ** Vanke is working to raise funds after saying last month
it is facing short-term liquidity pressure, one of many
companies to have been caught up in a broad-based cash crunch in
China's crisis-hit real estate sector
    ** Rivals Sunac  1918.HK , CIFI Holdings  0884.HK  and
Shimao Group  0813.HK  rise between 4.6% and 9.3% 
    ** Hang Seng Mainland Properties Index  .HSMPI  gains 0.9%
while Hang Seng Composite Index on properties and construction
stocks  .HSCIPC  and Hang Seng Index  .HSI  add 0.5% each 
    ** China Vanke's Hong Kong stock down 14.3% YTD, Shenzhen
shares down 17% YTD  

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))