China Vanke to Sell Shares in Banyan Tree Units for $67 Million

(Bloomberg) — China Vanke Co. Ltd. the real estate giant, is selling its stake in luxury hotel chain Banyan Tree Holdings Ltd.’s China units, a deal that will generate 480 million yuan ($67 million) for the developer seeking to weather the country’s property downturn.

Vanke will sell its equity in the hotel management joint ventures including Banyan Tree Services (China) and Banyan Tree Hotel Management (China), according to a Thursday filing by the Singapore company. The shares in the units were valued in the range of 440 million yuan to 486 million yuan.