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China Vanke Co., Ltd. (CHVKY)
- Reuters
China Vanke sells Shenzhen land plot at loss-making reserve price
HONG KONG and BENGALURU (Reuters) -Embattled Chinese property developer China Vanke said on Monday it had completed the sale of a plot of land in Shenzhen for 2.24 billion yuan ($309.23 million), more than 27% below the price it paid for the block nearly seven years ago. The company is working to raise funds after saying last month it is facing short-term liquidity pressure, one of many companies to have been caught up in a broad-based cash crunch in China's crisis-hit real estate sector. Vanke's largest shareholder, state-owned Shenzhen Metro, and Shenzhen Baishuo Yinghai Investment jointly bought the plot at the reserve price, according to an online filing uploaded to a trading center in Shenzhen on Monday.
- South China Morning Post
China Vanke units guarantee US$1.1 billion in loans for troubled developer after Fitch Ratings downgrade
Troubled property developer China Vanke will receive a 7.8 billion yuan (US$1.1 billion) lifeline in the form of bank loans guaranteed by its subsidiaries, a day after the company had its credit rating cut. Shenzhen Yili Real Estate Development provided a guarantee for a 4.49 billion yuan loan, while Shenzhen Zhongke Wanxin Industrial offered a guarantee for a 3.29 billion yuan borrowing, Vanke said in a Friday stock exchange filing. The loan arrangement came after Fitch Ratings on Thursday down
- Reuters
China Vanke granted $2.8 billion onshore syndicated loan facility
Cash-strapped major property developer China Vanke said on Thursday it had received a 20 billion yuan ($2.76 billion) syndicated loan facility and it would continue to push forward other financing to boost its liquidity. It was unclear whether this new syndicated loan facility, led by China Merchants Bank according to Vanke in a statement on Thursday, is part of the 80 billion yuan target or separate from it. Half of the 20 billion yuan facility - the largest to the real estate sector since 2020 - has been transferred to Vanke, a person with direct knowledge of the matter said, and the loan was pledged to shares in VX Logistics, a integrated logistics service provider under Vanke.
