Debt-laden Vanke sells almost entire stake in Shanghai mall to unit of Singapore's GIC

Debt-laden Vanke sells almost entire stake in Shanghai mall to unit of Singapore's GIC

REUTERS/Bobby Yip/File Photo

China Vanke Co. Ltd. has sold almost its entire stake in a Shanghai mall to a subsidiary of long-term business partner GIC Pte Ltd., the Singapore sovereign wealth fund, as the cash-strapped developer continues to offload assets to ease debt pressure.