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Vanke to buy back U$1.6b A shares
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CHINA'S leading residential developer China Vanke Co said it plans to repurchase up to 10 billion yuan (US$1.61 billion) of its Shenzhen-listed A shares to "protect investors' interests in view of the recent instability of the A share market."
The proposed price of the repurchase will not exceed 13.7 yuan per share, which is the closing price of the company's A shares last Friday, Vanke said today in a statement to the Hong Kong stock exchange.
In view of a full amount of buying back, the repurchase will be no less than 730 million shares, accounting for no less than 6.6 percent of the company's total issued stock, the developers said.
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