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Raise a Glass to Malbec! Malbec World Day, April 17 | SaltWire #reels #shorts #wine #food - China Vanke is seeking to sell its entire stake in logistics firm GLP, Bloomberg News reported on Wednesday, as the cash-strapped state-backed property developer looks to raise liquidity.
Vanke has held discussions with parties including state-owned investment company Guangdong Holdings Ltd and a Tianjin-based state-owned firm to exit its investment, the report said, citing people familiar with the matter.Vanke, China's second largest property developer by sales which bought a 21.4% stake in GLP for about S$3.4 billion in 2018, declined to comment on the report.
Vanke said this week it is facing short-term liquidity pressure and operational difficulties, but added that it has prepared"a basket of plans" to stabilise its business and cut debt.Investors have been selling off Vanke's shares and bonds in the past few weeks on liquidity concerns, triggering a rare central government directive to help the Shenzhen-based company.
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China Vanke Seeks to Sell 21.4% Stake in Logistics Operator GLPChina Vanke Co. is seeking to sell its entire stake in logistics firm GLP Pte, according to people familiar with the matter, as the state-backed developer seeks to amass cash to stave off a debt crisis.
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China Property Crisis Deepens With Vanke in Market CrosshairsConcern is intensifying over state-backed China Vanke Co.’s ability to stave off default, defying efforts by authorities to shore up the cash-strapped developer’s finances.
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S&P Downgrades China Vanke to Junk on Weakening Sales, MarginsS&P Global Ratings downgraded China Vanke Co. to junk, underscoring mounting pressure on the state-backed developer as it faces a cash crunch and increased scrutiny from investors.
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China Vanke Tumbles to Decade Low as Manager Probe Adds to WoesShares and bonds of China Vanke Co. extended declines in afternoon trading as the developer said a regional manager in the city of Jinan was assisting an investigation.
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