China Vanke says no plans for global role for Hong Kong arm
Shares of the Hong Kong-listed company had risen more than 17 per cent since the beginning of the year to yesterday's close of HK$15.02, as investors bought the idea that it could be used as an offshore investment division of China Vanke, the mainland's biggest developer.
Investors who have pushed shares in Vanke Property (Overseas) higher in the hope that it could become the global investment arm of its parent, China Vanke, could be disappointed.
Shares of the Hong Kong-listed company had risen more than 17 per cent since the beginning of the year to yesterday's close of HK$15.02, as investors bought the idea that it could be used as an offshore investment division of China Vanke, the mainland's biggest developer.
However, the group's president, Yu Liang, said yesterday that China Vanke had not considered injecting any offshore projects into the subsidiary.
Yu said that while investing in overseas markets was part of the group's internationalisation plan for the long run, the plans were still in the beginning stages.
Group results for last year showed net profit rose 30.4 per cent to 12.55 billion yuan (HK$15.63 billion) despite the challenging operating environment for the mainland property market.
Sales for the year were 141.23 billion yuan, marking a new record in the mainland's property industry.