China Vanke, the biggest listed developer on the mainland, is testing the market for interest in its two projects in Shenzhen, according to sources.
They said the developer was seeking buyers for its wholly owned Vanke Center commercial project in Yantian district and a 90% owned Jiuzhou residential project in Loonggang district.
A spokeswoman for China Vanke yesterday said that the company had not appointed property agents to sell the properties.
Wang Zhufeng, an analyst at Shanghai brokerage Evolution Securities China, said: 'Unlike cash-strapped rival developers that have been forced to offload assets to raise capital, I think cash-rich China Vanke is rather seeking to rebalance its portfolio to improve returns.'
Wang said Vanke's financial condition was strong.
South China Morning Post