China Vanke Co., Ltd. announced that its subsidiary, Hainan Wan Juyingtong Enterprise Management Co., Ltd....
According to the announcement from China Vanke, its subsidiary companies Hainan Wan Juyingtong Enterprise Management Co., Ltd. ('Wan Juyingtong') and Shenzhen Vanke Development Co., Ltd. ('Shenzhen Vanke'), CITIC Goldstone Fund Management Co., Ltd. ('CITIC Goldstone'), CITIC Securities Investment Co., Ltd., and Taikang Life Insurance Co., Ltd. signed a 'Limited Partnership Agreement' to jointly invest in the establishment of 'Wanxin Goldstone (Nanjing) Business Investment Partnership Enterprise (Limited Partnership)' ( 'CITIC Vanke Consumer Infrastructure Fund').
The fund's fundraising scale is RMB 2.234 billion and will be mainly used to acquire the assets of the two subsidiaries owned by the company, namely, Beijing Jiugong Vanke Plaza and Shenzhen Longgang Vanke Plaza, which are primarily held by the two subsidiaries and feature operating property loans and other debts. The fund will hire CITIC Jinchishi as the performing affairs partner to manage the investment and operation of the fund.
It is reported that Wanju Yingtong has subscribed about RMB 10 million and Shenzhen Vanke has subscribed about RMB 1.242 billion, with a total shareholding ratio of 56.05%. The company has the right to transfer up to 36.05% of the subscribed shares to subsequent investors in accordance with the limited partnership agreement. The involvement of the company's subsidiaries in the CITIC Vanke consumer infrastructure fund is an important measure to implement the company's "overall solution," which helps the company focus on its main business, streamline its operations, and build a sustainable asset securitization platform.