Tag Archives: Vanke

ZTE to cash out of Shenzhen property

Shenzhen-based telecom-equipment giant ZTE Corp is cashing out of its property assets in a creative way to address a liquidity crunch after the US$1.4 billion fine imposed last year by the US, reports Caixin Global.

ZTE acquired the land use rights of a plot in Shenzhen Bay Super Headquarters Base for RMB3.54 billion in 2017. It has reached an agreement with Shenzhen-based developer Vanke to develop it into a commercial complex as its new headquarters. Much of this land, however, is non-transferable according to the terms of the land acquisition. Where there is a will there is a way, however, and so ZTE has reportedly signed a supplementary agreement with Vanke to grant it more operational rights; in return, Vanke has agreed to bear all the costs for development and construction. 

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Ping An leads GBA in Fortune China 500

The prestigious Fortune China 500 list has been released for 2019, with GBA companies standing out in measures of both revenues and profits. Shenzhen-based Ping An, which began as an insurer but is now more of a fintech firm, is the GBA’s leading light, ranking No. 4 in revenues and No. 6 in profits nationwide. 

A total of 86 from the GBA made the top 500. Moreover, 12 of the top 40 most profitable were from the GBA.

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