Vanke to spend up to $14 mln on post-quake rebuilding

SHANGHAI (Reuters) - China Vanke, China's biggest listed property developer, said on Wednesday it plans to spend up to 100 million yuan ($14.2 million) on non-profit, non-commercial reconstruction work in earthquake-ravaged southwestern China.

The Shenzhen-based company said the funds would be allocated over a three to five year period for rebuilding work in Zundao town in Mianzhu city, a hard-hit area in Sichuan province.

Vanke is seeking shareholder approval for the plan and has already sent several managers and construction experts to the disaster-stricken area, it said.

Last week's earthquake left more than 70,000 dead or missing, and the government said on Monday direct economic losses from the quake would amount to about 67 billion yuan in Sichuan province alone.

(US$1=7.00 Yuan)

(Reporting by Samuel Shen; Editing by Edmund Klamann)