China Resources to sell entire Vanke stake to Shenzhen Metro

A major shareholder of China Vanke Co, the country's second-largest property developer, will sell its entire stake in the developer for 37.2 billion yuan ($5.4 billion).

China Resources (Holdings) Co will sell 1.69 billion of its A shares in Vanke to Shenzhen Metro Group Co, Vanke said in a filing to the Shenzhen Stock Exchange on Thursday.

Vanke halted trading before market opened on Thursday in both Shenzhen and Hong Kong, saying China Resources is making "major" plans regarding its stake in the developer.