May. 15, 2012 (China Knowledge) - China Vanke Co Ltd<000002
>, the country's largest listed residential property developer by market value, yesterday said its subsidiary has inked an agreement to acquire a 73.91% stake in Hong Kong-listed
Winsor Properties Holdings Ltd<1036
> for HK$1.08 billion or about US$139.1 million.
Pursuant to the agreement, Wkland Investments Co Ltd, a wholly-owned subsidiary belonging to Vanke, will acquire the stake from Wing Tai Properties Ltd<0369>, representing Vanke's first overseas acquisition.
Tan Huajie, Vanke's board secretary, said the acquisition is just the first step in the firm's long-term overseas expansion plans. But the acquisition is still subject to further regulatory and shareholder approval.
Established in Cayman Islands in 1996, Winsor Properties is engaged in the development of properties, warehousing and investment management, and its properties in Hong Kong
was valued at HK$1.1 billion at the end of last year.