Vanke unit Onewo to buy remaining stake in Shanghai Xiangda for $120 million
Real Estate
Chinese property developer Vanke's residential property management unit Onewo said on Monday it will take full ownership of the real estate development firm Shanghai Xiangda for 870.3 million yuan ($119.99 million). Onewo will gain full ownership of Xiangda by acquiring the remaining 55 per cent stake through its subsidiary, Onewo Business Enterprise Space Technology. The news follows Vanke's 49.5 billion Chinese yuan loss for the year, as the embattled property developer seeks money-making
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