- Reuters•16 hours ago
The takeover tussle embroiling top Chinese developer China Vanke has unveiled how local banks are increasingly exposed to highly volatile domestic stock markets through risky shadow lending products that mask their worsening asset quality. In their hunt for higher investment returns in a slowing economy and to offset the impact of rising bad loans, Chinese banks are putting their depositors' money into so-called asset management plans (AMPs), products set up for the purpose of lending to companies and backed by shares as collateral. Baoneng Group, which is attempting a hostile takeover of Vanke, used 26 billion yuan ($3.9 billion) of such instruments from about half a dozen banks - including traditionally cautious China Construction Bank Corp (CCB) - to partly finance buying 25 percent of the property developer.
- The Wall Street Journal•3 days ago
When China Vanke went looking for a strategic shareholder to stave off takeover bids, chairman Wang Shi chose a government-owned company as a protector. Now that decision is haunting him.
|52wk Range||16.74 - 21.99|
|Day's Range||16.92 - 17.79|
|Avg Vol (3m)||265,313,851|
As of 3:00 AM EDT. Market closed.