September 19, 2016 / 10:35 AM / 4 years ago

China Vanke in talks to buy assets to speed up new business development

The company logo of China Vanke is displayed at a news conference announcing the property developer's interim results in Hong Kong, China August 22, 2016. REUTERS/Bobby Yip

HONG KONG (Reuters) - China Vanke Co Ltd (2202.HK) (000002.SZ) said it was in talks to buy assets in cash, part of the property developer’s effort to accelerate the development of its new businesses.

Vanke entered into a non-binding agreement with the potential seller in December to purchase certain assets. Although the initial timeframe to reach a deal has since passed, talks are ongoing, it said in a filing to the Hong Kong bourse late on Sunday.

Vanke has appointed intermediaries to conduct due diligence, it added. It did not identify the potential seller.

Vanke, currently embroiled in a high-profile power struggle, has said that its business operations have suffered as a result of the battle for control.

Reporting by Donny Kwok; Editing by Edwina Gibbs

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