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China Vanke says would consider buying into state firms in reform push
August 25, 2017 / 8:15 AM / a month ago

China Vanke says would consider buying into state firms in reform push

HONG KONG, Aug 25 (Reuters) - Property developer China Vanke Co said on Friday it would consider buying stakes in state-owned enterprises (SOEs) as part of the government’s push to reform and restructure the sector.

China has pledged to allow private capital to invest in government-run enterprises as part of a “mixed ownership” reform programme aimed at rejuvenating the bloated and inefficient state sector.

China Vanke Chairman Yu Liang also told a news conference that the company aims to become world’s top logistics property developer after a consortium which it is a part of completes the $11.6 billion acquisition of Singapore-listed Global Logistic Properties.

Shenzhen-based Vanke said in a statement on Thursday that its core profit, which excludes revaluation gains, rose 33.5 percent to 7.1 billion yuan ($1.07 billion) over the first six months. (Reporting by Clare Jim; Editing by Kim Coghill)

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