Vanke to Sell Headquarters Project as It Divests Assets for Cash

(Bloomberg) — China Vanke Co. Ltd. plans to sell an unfinished property project once designated as its new headquarters, as part of the developer’s latest effort to divest assets and boost liquidity.

The commercial real estate project in Shenzhen, which spans an area the size of three soccer fields, will go on sale on May 18, according to a land auction statement published Wednesday. It will seek bids starting at 2.2 billion yuan ($305 million). That’s less than the 3.1 billion yuan ($429 million) Vanke paid for the plot in 2017.