July 7, 2017 / 9:36 AM / 2 years ago

Unnamed investor launches $260 million selldown in China Vanke: IFR

FILE PHOTO: A sign of China Vanke is seen in Hong Kong, China August 22, 2016. REUTERS/Bobby Yip/File Photo

HONG KONG (Reuters) - An unnamed institutional investor launched a selldown worth about $260 million in China Vanke Co Ltd (2202.HK) (000002.SZ), China’s second-largest property developer, IFR reported on Friday, citing a term sheet.

The investor is offering 92 million shares at an indicative range of HK$22.60 to HK$23.20 each, equivalent to a discount of up to 4 percent from Friday’s close of HK$23.55, added IFR, a Thomson Reuters publication. The shares are equivalent to 7 percent of the Hong Kong-listed stock, the term sheet showed.

Hong Kong stock exchange data showed fund manager BlackRock Inc (BLK.N) owns 92.97 million shares of Vanke, or about 7.07 percent of the stock.

Vanke did not immediately respond to a Reuters request for comment on the stock sale, while BlackRock said it does not comment on individual holdings.

Reporting by Fiona Lau of IFR; Writing by Elzio Barreto; Editing by Clarence Fernandez

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