Property developer China Vanke secures $383 million loan from Shenzhen Metro
China Vanke (CHVKF) has secured a 2.8 billion yuan ($383.12 million) loan from its major shareholder, state-owned Shenzhen Metro to repay debt, indicating further support from the government for the cash-strapped developer.
China Vanke gets US$383 million loan from state shareholder
Cash-strapped China Vanke said its major shareholder, state-owned Shenzhen Metro, is giving it a 2.8 billion yuan (US$383.12 million) loan, in a sign the government is stepping up efforts to stabilise the property developer.
China Vanke secures US$383 million lifeline from Shenzhen Metro Group to repay debt
Shenzhen Metro Group, which holds a 27.2 per cent stake, signed a three-year agreement with Vanke to provide secured loans of up to 2.8 billion yuan (US$383 million), according to a filing to the Hong Kong stock exchange late on Monday.
Vanke Gets $383 Million Loan From State Owner for Debt Repayment
China Vanke Co. won more support from authorities as its largest state shareholder agreed to provide up to 2.8 billion yuan ($383 million) to help the struggling developer repay outstanding debt.
China Vanke Secures Cheap Loan From State-Owned Shareholder
The Shenzhen-based company said in a filing late Monday that it received the loan from Shenzhen Metro Group, which is a state-owned subway operator in one of the biggest cities in China. The loan was at interest rate of 2.34%, below China's one-year loan prime rate at 3.1%.
China Vanke secures Rmb2.8bn loan from Shenzhen Metro Group
Shenzhen Metro Group is the Chinese property giant's largest shareholder with the move coming after Vanke said it could make a loss of up to Rmb45bn in 2024.
China considers plan to help Vanke repay $6.8 billion debt, Bloomberg News reports
Chinese authorities are considering a plan to assist China Vanke in covering a funding shortfall of about 50 billion yuan ($6 ...
Rare China support shows developer Vanke may be too big to fail
China Vanke Co has received a lifeline by state authorities, a rare show of support that signals the developer is too big to ...