April 4, 2018 / 12:56 AM / 7 months ago

China Vanke says major shareholder to dispose of stake

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)

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