Developer Vanke to Get $1.1 Billion of Loans Guaranteed by Units [BNN Bloomberg (Canada)]
CHINA MRCHNTS BK UNSP/ADR (CIHKY)
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Source: BNN Bloomberg
Vanke subsidiary Shenzhen Yili Real Estate Development Co. provided a guarantee for a 4.49 billion yuan loan, according to a company filing Friday. Another unit, Shenzhen Zhongke Wanxin Industrial Co., issued a guarantee for a 3.29 billion yuan loan. The Shenzhen-based company is also applying for a 1 billion yuan loan from banks, to be guaranteed by real estate assets held by a fully owned subsidiary in the city, according to the filing. Once thought to be among the safer companies in China's beleaguered property sector, state-backed Vanke is one of the largest developers hit by a slump in property sales and mounting debt. A potential payment default by Vanke could wreak havoc on investors' and home-buyers' confidence in the sector. Vanke's shares and bond prices have soared in recent days as it has sought to reassure the market with new bank credit lines. A slew of recent funding from Chinese banks has totaled nearly $4 billion — including a 20 billion yuan syndicated loan fr
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News
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