(Yicai) April 15 -- Vantone Neo Development Group no longer counts GLP as its fourth-largest shareholder after the Singaporean logistics warehousing firm opposed the Chinese property builder’s decision to invest in a US producer of optical communications equipment.

A unit of GLP sold a 5 percent stake in Vantone Neo to Hesheng Wealth on April 12 for about CNY699 million (USD96.6 million), or CNY7.04 (97 US cents) per share, the Beijing-based firm said recently. GLP’s stake fell to about 2.6 percent from 7.6 percent.

GLP, which runs warehouses for e-commerce giants Amazon and JD.Com, spent CNY821 million (USD113.4 million) in 2019 buying 10 percent of Vantone Neo, becoming its third-biggest shareholder. That helped Vantone Neo bring in a strategic investor and reduce its debt ratio, it said at the time.

GLP has been offloading the shares since last July. The pace has picked up since December after it voted against Vantone Neo’s decision the month before to acquire at least 51 percent of Source Photonics Holdings, a California-based maker of components used in data centers and wireless broadband equipment.

Revenue at Vantone Neo rose 15 percent to CNY487 million (USD67.3 million) last year, of which real estate sales accounted for about 55 percent and home lettings 43.5 percent. Its annual net loss widened 20 percent to CNY390 million (USD53.9 million).

Editor: Emmi Laine