SHANGHAI, April 4 (Reuters) - China Vanke Co Ltd’s second-largest shareholder plans to dispose of its stake in the real estate firm, according to a Tuesday statement on the Shenzhen stock exchange.
Vanke said Jushenghua will sell its stake via block trade or transfer it via agreements, in order to avoid a negative impact on the stock market, according to the statement. It did not disclose reasons.
Based on the closing price of Vanke A shares at 33.64 yuan per share on Tuesday, the total market value of the shares held by Jushenghua is around 38.4 billion yuan ($6.11 billion), according to a Reuters calculation.
Jushenghua and connected persons held 2.804 billion shares, around 25.4 percent of Vanke. ($1 = 6.2881 Chinese yuan renminbi) (Reporting by David Lin and Engen Tham)