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China developer Vanke buys Shenzhen Metro unit for $6.9 billion
June 19, 2016 by creative · Leave a Comment
China Vanke, the mainland's biggest property company by sales, said it will acquire a unit of Shenzhen Metro Group for 45.6 billion yuan ($6.9 billion) via a new share issue, making the state-owned subway operator its largest shareholder. The final purchase price came at the lower end of the 40 billion yuan to 60 billion yuan guidance under a preliminary accord in March as Vanke's management fought to retain control of the company in a battle with its…
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China developer Vanke buys Shenzhen Metro unit for $6.9 billion