Vanke’s Wang Shi
The biggest real estate company in the world’s second largest economy, China Vanke, announced this week that it is moving its stock listing from Shenzhen to Hong Kong.
The move, which was reported in the Wall Street Journal yesterday, allows the property developer to take advantage of the greater volume of trading on the Hong Kong market, and makes the company’s shares more easily accessible to global buyers.
Under the listing move Vanke will convert its Shenzhen-listed B shares to Hong Kong-listed H-shares. The company’s A shares will continue to be traded on the Shenzhen exchange.
Overseas Listing as Vanke Goes Global
Vanke has been raising its global profile recently, and like many of China’s developers is seeking to expand into international markets.
Last week the Guangdong-based firm, which is headed by tycoon Wang Shi, unveiled an investment in a 61-storey luxury residential project in Manhattan with Chinese partner Cinda,who provided financing for the venture, as well as US developers RFR of New York and Hines, of Houston, Texas.
Vanke also has a joint venture project to develop apartments in San Francisco with Tishman Speyer.
Vanke’s presence on the Hong Kong exchange will make the company’s shares easier to sell to a global audience as the Chinese market leader seeks to raise its international profile.
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