(Yicai) March 18 -- Shenzhen Metro Group, a state-owned enterprise that is the largest shareholder of China Vanke, will subscribe to the real investment trust issued by a commercial property operating unit of the struggling Chinese developer.

Shenzhen Metro Group signed a deal to subscribe to 30 percent of the REIT product issued by SCPG Holdings, Vanke announced on March 15.

The REIT product intends to raise a total of CNY3.6 billion to invest in five commercial center development projects in China's eastern Shanghai, Hangzhou, and Jiaxin and northern Tianjin, according to a fundraising scheme.

The successful issuance of the REIT can help Vanke revive existing assets and increase its overall ability to manage assets, the Shenzhen-based firm added, noting that the subscription by Shenzhen Metro shows the shareholder's support and recognition of the REIT projects' investment value.

SCPG is a subsidiary of Vanke dedicated to investing in, developing, operating, and managing shopping malls.

Vanke's shares [SHE: 000002] closed down 0.3 percent at CNY9.44 (USD1.31) in Shenzhen today. The stock plunged nearly 70 percent over the past three years because of the impact of the downward trend in China's real estate market.

Editor: Futura Costaglione