China Vanke’s senior executives have no plans to reduce their personal shareholdings, according to the distressed mainland developer, which is seeking to extend the repayment of its onshore debt to avoid a default.
The Shenzhen-listed developer on Thursday was responding to queries from investors on the exchange’s interactive platform, saying it had not received any notification from the executives regarding stake sale plans. Under the exchange’s rules, senior management were required to disclose any planned share sales at least 15 trading days before executing any transactions, it added.
The company said it had been “actively pushing forward mega-scale asset disposals”, in response to another investor query on why it had not accelerated asset sales amid bond repayment pressures.
Vanke said it had completed 19 bulk asset transactions in the first three quarters of this year totalling 6.86 billion yuan (US$970 million), covering commercial, office, hotel and apartment assets. The developer also said it had signed an agreement with China Tourism Group to exit its tourism business.
10:57
Boom, bust and borrow: Has China’s housing market tanked?
Boom, bust and borrow: Has China’s housing market tanked?
Vanke said it had broadened its asset exit channels through securitisation and infrastructure real estate investment trusts (Reits), and had established three pre-Reit funds.
Its shares finished 0.6 per cent higher at 4.90 yuan in Shenzhen on Friday and rose 1.7 per cent to close at HK$3.61 in Hong Kong.
