Vanke: incentive fund quotas used up in advance

With merely half year gone by, the equity incentive fund of China Vanke Co Ltd<000002><200002> used to purchase its own shares, has been used up, the company said on Monday.

As of Jun. 2, its encouragement fund for 2008 holds 37.8 million shares in the listed firm, which will cost RMB 762 million. While according to related rules of Vanke, only about RMB 800 million can be used for share purchase this year.

Statistics show that under the first term of Vanke's equity incentive fund plan which lasts from 2006 to 2008, the company will allocate part of its yearly profit as special funds to buy into its own A-shares if the company hit the formerly-set performance target.