China Vanke (02202) said the Group has decided to position its joint venture SCPG Holdings Co., Ltd. as the platform for its commercial development and management and, with the support of external capital contribution, the Group plans to consolidate its existing commercial properties.
The Vanke Group proposes to form two professional commercial property investment funds. The total capital contribution the Group is expected to contribute to the investment funds amounts to Rmb5,090 million, representing 39.4% of the total contribution.
Upon formation of the investment funds, Vanke proposes to transfer 42 completed commercial property projects or commercial property projects under construction to the special purpose vehicle(s) to be established by the investment funds in the PRC. The total consideration for the disposal will not be less than the higher of the aggregate values of the target asset package. The consideration of the disposal is expected to be in the range of Rmb8,600 million to Rmb9,000 million.
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