Compared to over-indebted China Evergrande , teetering on the verge of collapse, state-controlled developer China Vanke , is a model of financial propriety. With peers racing to acquire distressed rivals and home sales falling, the country’s third-largest real estate company is finally listing its property management unit, which could raise some $2 billion according to IFR.
, is a model of financial propriety. With peers racing to acquire distressed rivals and home sales falling, the country’s third-largest real estate company is finally listing its property management unit, which could raise some $2 billion according to IFR.
Yet the $32 billion company has dragged its feet in bringing its subsidiary Onewo public; most of its major competitors have listed their property services businesses already. It’s an attractive asset, pocketing 18 billion yuan in annual revenue. Operating profit soared 67% in the first half., for example, made a big splash listing in New York in August 2020, pricing above the target range.
Spinning Onewo off would add financial padding and give Vanke an M&A war chest to compete with rivals like Country Garden Services
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