Vanke to Exit Non-Core Business, Divest Assets for Liquidity
- Developer to focus on three main real estate businesses
- Chairman Yu pledged to cut debt by half in five years
Vanke said in March that it aimed to reduce interest-bearing debt by more than half in five years.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China Vanke Co. will exit non-core operations and divest assets as the developer seeks to boost liquidity amid the sector’s unprecedented downturn, according to a memo from a shareholder meeting on Tuesday.
The company will “trim down” and adjust its model for raising money, Chairman Yu Liang said in the meeting. It will also exit all businesses except for the three main operations, which focus on property development, real estate management services and rentals.