Feb 10, 2024 03:21 AM

BUSINESS

Vanke Offloads Shanghai Mall at Discount

By Niu Mujiangqu and Han Wei

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The Qibao Vanke Plaza is one of Vanke’s highest-quality projects in its commercial portfolio

The Qibao Vanke Plaza is one of Vanke’s highest-quality projects in its commercial portfolio

China Vanke Co. Ltd. is selling its entire stake in a Shanghai retail complex to Link Real Estate Investment Trust (Link Reit) at a discount, as the indebted developer offloads assets to ease liquidity crunch.

Hong Kong-listed Link Reit, Asia’s largest real estate investment trust, said in a Friday filing that it agreed to acquire a 50% stake in Qibao Vanke Plaza from Vanke at 2.38 billion yuan ($334 million). Link Reit already owns the remaining 50% stake in the plaza after a 2.77-billion-yuan purchase from Vanke’s partner GIC Pte. Ltd. in April 2021.

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