Vanke plans to transfer more than 8.7 billion yuan of project assets?

Recently, it was reported that Vanke plans to transfer its 10 assets in Shenzhen through asset transactions or equity transactions, involving an amount of more than 8.7 billion yuan, including hotels, commercial, office, apartments, etc.

Vanke responded that the rumors were untrue. At the same time, Vanke emphasized that promoting asset transactions is one of the business tasks that Vanke has always attached great importance to, and Vanke is actively promoting asset transactions, including some of the assets mentioned in rumors.

It is reported that Vanke made it clear in its 2023 annual report that it will cash in the "reservoir" through bulk assets and equity transactions to thicken the safety cushion on a large scale. In 2024, the transaction collection will not be less than 30 billion yuan.

As recently as April this year, it was reported that Vanke was considering selling its entire stake in GLP, a logistics real estate company, and that Vanke had approached potential buyers, including Guangdong Holdings, a state-owned subsidiary of Guangdong Province, and another Tianjin state-owned enterprise, about the transfer of its 21.4% stake in GLP.

On 20 February, Link REIT announced that it had completed the acquisition of a 50% stake in Qibao Vanke Plaza in Shanghai, achieving 100% shareholding in the target. It is worth noting that Qibao Vanke Plaza is valued at about 7.06 billion yuan, that is, its 50% equity is valued at about 3.53 billion yuan, while the consideration paid by Link Real Estate Fund this time is only about 2.384 billion yuan, which is equivalent to a discount of nearly 7%.

At the same time as disposing of assets, Vanke sought support from major state-owned shareholders. In November last year, Vanke suffered a double kill of stocks and debts, and the Shenzhen State-owned Assets Supervision and Administration Commission and Shenzhen Metro Group Co., Ltd. (hereinafter referred to as "Shenzhen Railway Group") stood on the platform for Vanke, and proposed to take measures to support Vanke if necessary.

Previously, Vanke announced that Shenzhen Railway Group will subscribe to the CICC SCPG Consumer Infrastructure Closed-end Infrastructure Securities Investment Fund through strategic placement, and the number of subscription shares will not exceed 30% of the total shares raised by the fund, and the funds involved are estimated to be about 1 billion yuan.

According to the announcement, from January to March 2024, Vanke has achieved a total contracted sales area of 3.911 million square meters and a contracted sales amount of 57.98 billion yuan.

Since last year, a number of real estate companies have actively revitalized their assets. According to the monitoring of the China Index Research Institute, a total of 10 M&A transactions were carried out in the real estate industry in March 2024, unchanged from the previous month. Among them, 8 transactions disclosed transaction amounts, with a total transaction size of about 5.23 billion yuan, a decrease of 63.2% month-on-month, and an average single transaction size of 650 million yuan, a decrease of 63.2% month-on-month. In terms of the number and scale of M&A transactions, the enthusiasm for M&A activities in March was still relatively sluggish.

At the beginning of this year, Guangdong issued a document proposing that it would support private enterprises to revitalize assets through property rights transactions, mergers and acquisitions, and the acquisition and disposal of non-performing assets.

Editor-in-charge: Ye Shuyun

Proofreading: Ran Yanqing

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