China Banks Throw Support Behind Teetering Developer Vanke [BNN Bloomberg (Canada)]
CHINA MRCHNTS BK UNSP/ADR (CIHKY)
NASDAQ:AMEX Investor Relations:
english.cmbchina.com/cmbir/home.aspx
Company Research
Source: BNN Bloomberg
Now, shares and bonds of the Shenzhen-based builder are soaring after Chinese banks stepped in with nearly $4 billion of funding — including a large syndicated loan announced on Thursday. One Vanke dollar bond due 2029 soared to about 65 cents from 40 cents in early March, while the company's shares have gained 85% from an April low. While skepticism remains about the builder's long-term financial health, Vanke's ability to secure new financing has eased concern about an imminent cash crunch. The rally is part of a tentative uptick in sentiment toward China's property sector after the government unleashed $42 billion of central bank funding to help authorities buy unsold homes. Vanke received a 20 billion yuan loan from state lenders including China Merchants Bank Co., according to a statement sent in response to questions from Bloomberg News. It's already received half of the funding and pledged shares in unit Vanke Logistics Development for the borrowing. The latest deal brin
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News
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