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Vanke plans to spin off its US$1 billion property management business to be listed in Hong Kong
Vanke (2202) is planning to spin off its property management business in Hong Kong, according to a source quoted by Bloomberg.
According to the source, Vanke has discussed with potential advisers a share sale that could raise as much as USD 1 billion. Deliberations are still in the early stage, and details including the fundraising size and timeline are subject to change. Vanke didn’t respond to requests for comment, while a representative for the property management unit said they have no current plans for a listing.
Property management and related services is the second largest source of revenue for Vanke after property sales. According to the company's annual report, the business revenue was RMB 9.8 billion last year, accounting for 3.3% of total revenue.