Vanke’s unit Onewo to buy remaining stake in Shanghai Xiangda for $120 million, ET RealEstate

BENGALURU: Chinese property developer Vanke’s residential property management unit Onewo said on Monday it will take full ownership of the real estate development firm Shanghai Xiangda for 870.3 million yuan ($119.99 million).

Onewo will gain full ownership of Xiangda by acquiring the remaining 55% stake through its subsidiary, Onewo Business Enterprise Space Technology.

The news follows Vanke’s 49.5 billion Chinese yuan loss for the year, as the embattled property developer seeks money-making ventures like Xiangda, which made a profit for the year.

Vanke, which has been facing a liquidity crisis alongside its peers in the region, also announced the resignation of its Executive Vice President Liu Xiao on Monday.

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