China Vanke to join consortium bidding for GLP

It is China's second biggest housebuilder by sales.

Reuters reported that China Vanke is in talks to join a Chinese consortium led by Hopu Investment Management and Hillhouse Capital Group to bid for Global Logistic Properties.

Citing three sources, the report said the Shenzhen-based Vanke has been in discussions with the Hopu-Hillhouse consortium for a couple of weeks, adding that the bidding group was talking to at least two other potential investors from China.

The consortium, also backed by the Singapore-listed firm's CEO Ming Mei, plans to set up an investment fund for its bid, two sources said. Potential new backers, including Vanke, are considering joining the race as limited partners (LPs) of the fund, rather than potential equity holders in GLP.

Read the rest of the story here.