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Bond Market News
Vanke Looking to Sell Its 21% Stake in GLP
April 18, 2024
China Vanke is looking to sell its entire 21.4% stake in GLP Pte. Ltd., according to sources. The company had purchased this stake for S$3.4bn ($2.5bn) in 2018. The sources added that the company held discussions with Guangdong Holdings Ltd and Tianjin based state-owned firm to exit its investment, however no agreement has been reached yet. The valuation of the stake is unclear currently as GLP itself is facing a liquidity crisis due to the economic downturn. Vanke has been in the news recently due to various reasons like downgrading by rating agencies, rumours of travel bans on its executives and is trying to ease the liquidity pressures as it faces an upcoming maturity wall in 2025.
Vanke’s 4.2% 2024 continues to trade stable at 92.9 cents on the dollar.
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