|Bid||26.600 x 0|
|Ask||26.700 x 0|
|Day's Range||26.250 - 26.700|
|52 Week Range||22.950 - 35.000|
|Beta (5Y Monthly)||0.76|
|PE Ratio (TTM)||12.62|
|Forward Dividend & Yield||1.12 (4.25%)|
|Ex-Dividend Date||Jul 16, 2020|
|1y Target Est||36.19|
(Bloomberg) -- China Vanke Co., the country’s largest developer by market value, is working with an adviser to prepare for a listing of its property management business in Hong Kong that could raise about $2 billion, according to people with knowledge of the matter.The Shenzhen-based company is holding talks with several other banks for the offering, which could take place as soon as the end of this year, the people said. The use of technology in its real estate management could help boost the unit’s valuation, the people said, asking not to be identified as the information is private.Shares in Vanke rose as much as 2.1% in Hong Kong to an almost one-week high on Thursday.Vanke would join other Chinese developers such as China Resources Land Ltd. and Country Garden Holdings Co. in spinning off their management units, which are less vulnerable to government policy changes and economic cycles. Bloomberg News in 2019 reported Vanke’s plans, which was later delayed by the Covid-19 pandemic.Shares in China Resources Mixc Lifestyle Services Ltd., which raised $1.8 billion in its Hong Kong IPO, have more than doubled since its December debut. Country Garden Services Holdings Co. has risen over 700% since its listing in 2018.Deliberations are ongoing and details including size and timeline could still change, according to the people. Representatives for China Vanke and the property management unit didn’t immediately respond to requests for comment.Property management and related services were China Vanke’s second-largest revenue generator after property sales. The business contributed 15.4 billion yuan ($2.4 billion), equivalent to about 3.7% of the developer’s total revenue in 2020, according to its annual report.(Adds Vanke’s shares move in Hong Kong in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Rating Action: Moody's affirms China Vanke's Baa1 issuer rating; outlook stableGlobal Credit Research - 01 Apr 2021Hong Kong, April 01, 2021 -- Moody's Investors Service has affirmed the following ratings of China Vanke Co., Ltd. and its subsidiary:1. Baa2 backed senior unsecured rating on the bonds issued by Vanke Real Estate (Hong Kong) Company Limited.All outlooks remain stable.Vanke Real Estate is 100% owned by China Vanke Co., Ltd. The MTN program and the senior unsecured bonds are supported by a deed of equity interest purchase undertaking and a keepwell deed between China Vanke, Vanke Real Estate, and the bond trustee."The rating affirmation reflects our expectation that China Vanke will maintain a strong performance in contracted sales and disciplined financial management, sustaining its low net debt leverage and solid credit metrics over the next 12-18 months," says Kaven Tsang, a Moody's Senior Vice President.RATINGS RATIONALEChina Vanke's Baa1 issuer rating reflects the company's strong track record in property sales execution and its position as a leading property developer in China (A1 stable) in terms of scale and brand.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of China Vanke Co., Ltd. Hong Kong, November 10, 2020 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of China Vanke Co., Ltd. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.