China Vanke Co, the country's largest residential property developer, said yesterday that it plans to contribute up to 100 million yuan (US$14.37 million) to help settle the homeless as well as restoration and reconstruction works following the devastating May 12 earthquake in Sichuan Province.
The money will be spent gradually over the next three to five years as restoration and reconstruction in quake-hit areas will require effort over a long period of time, the company said in a statement to the Shenzhen Stock Exchange yesterday.
A shareholders meeting, scheduled on June 5, will be held to discuss the plan, Vanke said.
The firm will focus its work in Zundao Town of Mianzhu City in the province and details of how the funds are to be used will be disclosed in the company's annual report, it said.
"The 100-million-yuan contribution won't likely have any big impact on the company's balance sheet but will certainly help establish very positive image (of the firm) by showing its corporate social responsibility,'' said Wei Bo, an industry analyst at Central China Securities Co.
Vanke, a Shenzhen-based company, is the country's biggest listed developer. It made a net profit of 4.84 billion yuan last year and had revenue of 35.5 billion yuan.
(Shanghai Daily May 22, 2008)
