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CHINA VANKE (02202.HK): Now Formulating Plan for Mgmt to Increase Shareholding
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CHINA VANKE (02202.HK) Chairman Yu Liang said at the shareholders' meeting that the current share price performance is definitely not up to shareholders' demands and is far, far away from the company's own demands. VANKE is working on a plan for the management to increase its shareholding, which will be announced in due course. He said the most important thing to stimulate the share price is to improve the business situation by reducing risks, improving fundamentals and seeking long-term healthy development. VANKE has formulated a package of plans, aiming to cut interest-paying debt by more than RMB100 billion in the next two years, and more than half of its total interest-paying debt in the next five years. The company will complete the transformation of its financing model from one based on unified borrowing and repayment and principal credit to one based on project and asset credit. Lastly, the company will focus on its three main businesses, namely integrated residential development, property services and rental flats, thereby pooling its limited resources. AAStocks Financial News |
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