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Unnamed investor launches $260-mln selldown in China Vanke - IFR
July 7, 2017 / 9:30 AM / 5 months ago

Unnamed investor launches $260-mln selldown in China Vanke - IFR

HONG KONG, July 7 (Reuters) - An unnamed institutional investor launched a selldown worth about $260 million in China Vanke Co Ltd , China’s second-largest property developer, IFR reported on Friday, citing a term sheet of the transaction.

The investor is offering 92 million shares in an indicative range of HK$22.60 to HK$23.20 each, equivalent to a discount of up to 4 percent from Friday’s close of HK$23.55, added IFR, a Thomson Reuters publication. The shares are equivalent to 7 percent of the Hong Kong-listed stock, the terms showed.

Hong Kong stock exchange data shows fund manager BlackRock Inc owns 92.97 million shares of Vanke, or about 7.07 percent of the stock.

Vanke and BlackRock did not immediately reply to a Reuters request for comment on the stock sale. (Reporting by Fiona Lau of IFR; Writing by Elzio Barreto; Editing by Clarence Fernandez)

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