China Vanke Co. Ltd. (000002.CN, 200002.CN), the world’s largest property developer by revenue, plans to list in Hong Kong this year after getting the go-ahead from the China Securities Regulatory Commission for its B-H-share conversion plan, senior management said Thursday.
Asked when the company would go public in Hong Kong, president Yu Liang answered with a question: “Do you want me to wait another year?”
Vanke said Tuesday it had received regulatory approval to convert Shenzhen-listed B shares to Hong Kong-listed H shares.
The company will be listed by introduction and is arranging a third party to offer cash options to all shareholders of Vanke’s B shares. The price is set at HK$12.91 (US$1.66).
Yu said the approval for Vanke’s share conversion was not the end for the company because it would never stop expanding, he said.
Responding to work reports delivered during the National People’s Congress in Beijing, Yu said the central government seemed to be focusing on home affordability rather than controlling home prices because it is increasing the supply of affordable housing this year.
He was upbeat about the property tax legislation, saying it will have a positive impact on the market. Yu did not expect the tax to be subject to pilot programs because the legislation is likely to go nationwide.
Vanke has also ventured overseas, including its first foray into the US real estate market via a residential venture in San Francisco, Bloomberg reported on Feb. 19.
The project will be a luxury high-rise condominium, according to a statement Thursday from the developer and its partner, New York-based Tishman Speyer Properties LP.
“We will find a local partner when we develop projects overseas, and we want to learn from others. At the same time, we will invite them to work with us in China,” Yu said.
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