Vanke to tap HK market

China Vanke Co, the mainland's largest property developer by market value, reached a deal to acquire Hong Kong-based Wing Tai Properties' subsidiary company Winsor, Vanke said in a statement filed to the Shenzhen Stock Exchange on May 14.

According to the deal, Vanke, through its wholly-owned subsidiary Wkland Investments Co Ltd, will spend HK$1.079 billion ($140 million), or HK$5.6197 per share, to acquire the 73.91 percent stake of Winsor.

"The acquisition is Vanke's first attempt to go global," said Tan Huajie, Vanke's board secretary, adding that internationalization is the company's long-term strategy.

The deal, however, is still subject to the approval of Hong Kong securities regulators and the general meeting of Wing Tai and Winsor, according to the statement.