China Vanke Terminates Shenzhen Metro Transaction, as Expected
On Dec. 18, 2016, China Vanke announced that it has terminated the proposed transaction with Shenzhen Metro, owing to opposition from its major shareholders, China Resources Holding and Baoneng. The termination of the transaction was expected, as we did not believe China Vanke had sufficient shareholder support to push through the proposal. At this time, we maintain our fair value estimate of HKD 22.90, or CNY 19.10, along with our no-moat rating for the company.The proposed transaction called ...
China Vanke is engaged in the development and sale of properties with commodity housing as its major products. Through its subsidiaries, Co. is also engaged in project investments; the construction technology research; investment trading and provision of consultancy services; intelligent technology; and the provision of yacht and berth leasing. Co.'s investment covers Guangshen Region, Shanghai Region, Beijing Region and Chengdu Region.
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