Deals
Vanke Wants to Talk to Parties Involved in Battle for Control
- Company hopes for agreement as uncertainty poses challenges
- First-half net income rises 10% on year to 5.35 billion yuan
Battle For Control: Politics Behind Vanke's Struggles
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China Vanke Co., the developer at the center of a battle for control, said it wants to communicate with the parties involved and hopes to reach an agreement over its shareholding soon.
Board Secretary Zhu Xu warned of challenges ahead as the protracted tussle creates uncertainty at a briefing in the southern Chinese city of Shenzhen on Monday. The comments came a day after the company reported a 10 percent increase in first-half profit as a recovery in its home market boosted sales. Zhu also reiterated that S&P Global Ratings and Fitch Ratings may adjust Vanke’s credit ratings in future due to the ownership issue.