(Reuters) -Chinese property developer Vanke’s residential property management unit Onewo said on Monday it will take full ownership of the real estate development firm Shanghai Xiangda for 870.3 million yuan ($119.99 million).
Onewo will gain full ownership of Xiangda by acquiring the remaining 55% stake through its subsidiary, Onewo Business Enterprise Space Technology.
The news follows Vanke’s 49.5 billion Chinese yuan loss for the year, as the embattled property developer seeks money-making ventures like Xiangda, which made a profit for the year.
Vanke, which has been facing a liquidity crisis alongside its peers in the region, also announced the resignation of its Executive Vice President Liu Xiao on Monday.
($1 = 7.2536 Chinese yuan renminbi)
(Reporting by Nichiket Sunil in Bengaluru; Editing by Vijay Kishore)
