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Bond Market News
Vanke in Talks to Sell Its Logistics Arm
January 24, 2025
China Vanke is in advanced talks to sell a controlling stake in VX Logistics to Singapore’s sovereign wealth fund, GIC. The sale of a 81.6% stake in VX Logistics, valued at around $3.7bn in 2022, could be finalized as soon as next month. The deal is part of Vanke’s efforts to ease liquidity pressure amid China’s property sector crisis. Vanke has been attempting to sell various assets, including stakes in VX Logistics, logistics platform GLP, and its property management unit, Onewo. This comes as Vanke is dealing with a looming $3.4bn in bond repayments this year and concerns about its financial stability. Earlier, there were some reports suggesting the company could face a takeover or reorganization. Vanke was also downgraded by two notches by Moody’s to B3 owing to liquidity pressures, followed shortly by S&P and Fitch.
Vanke’s dollar bonds were up by 0.5-1.5 points across the curve, with its 3.15% 2025s up at 76 cents on the dollar.
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