Reuters SG
China Vanke is seeking to sell its entire stake in logistics firm GLP, Bloomberg News reported on Wednesday, as the cash-strapped state-backed property developer looks to raise liquidity. Vanke has held discussions with parties including state-owned investment company Guangdong Holdings Ltd and a Tianjin-based state-owned firm to exit its investment, the report said, citing people familiar with the matter. Vanke, China's second largest property developer by sales which bought a 21.4% stake in GLP for about S$3.4 billion ($2.49 billion) in 2018, declined to comment on the report.