Shenzhen-Based real estate giant China Vanke Co., Ltd. (SZSE:000002) is selling its stake in luxury hotel chain Banyan Tree Holdings Limited?s (SGX:B58) China units, a deal that will generate CNY 480 million ($67 million) for the developer. Vanke will sell its equity in the hotel management joint ventures including Banyan Tree Services (China) and Banyan Tree Hotel Management (China), according to a filing by the Singapore firm on December 28, 2023. The shares in the units were valued in the range of CNY 440 million to CNY 486 million.

Vanke has three notes coming due next year in March, May and June. In a November meeting with Vanke creditors, Shenzhen?s State-owned Assets Supervision and Management Commission expressed confidence in the developer.