China Vanke Sells Headquarters Project for 2.24 Billion Yuan to Raise Cash

(Bloomberg) — China Vanke Co. Ltd. sold an unfinished property project once designated as its new headquarters to buyers including a major shareholder, the developer’s latest effort to divest assets and boost liquidity.

Vanke sold the commercial real estate project in Shenzhen, which spans an area of almost three soccer fields, for 2.24 billion yuan ($309 million), according to an auction result posted Monday at a government-backed land trading center. That’s less than the 3.1 billion yuan it paid for the plot in 2017.