SHENZHEN-BASED real estate giant China Vanke Co. is selling its stake in luxury hotel chain Banyan Tree Holdings Ltd.’s China units, a deal that will generate 480 million yuan (US$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 Thursday.

The shares in the units were valued in the range of 440 million yuan to 486 million yuan.

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. (SD-Agencies)