China Vanke puts Shenzhen land up for auction as developer trims noncore assets to ease US$147 billion liabilities

By Stella 
Cash-strapped developer China Vanke is putting more of its fringe assets up for sale to stave off a liquidity crisis and pare US$147 billion of liabilities, after a multi-year slump in home sales weakened its finances and creditworthiness.

The home builder will auction a plot of land in its home base in Shenzhen in southern Guangdong province at a starting price of 2.2 billion yuan (US$304.5 million), according to a Wednesday listing on Shenzhen Public Resources Trading Centre. The bidding process will start on May 18, it added.

Source: TRADE FINANCE


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