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Vanke in Talks for $6.9bn Loan, Say Sources
May 31, 2024
China Vanke is said to be in advanced talks with major banks for a loan of ~RMB 50bn ($6.9bn), as per sources. If signed, it would be the largest loan in the APAC region since Taiwan’s National Housing and Urban Regeneration Center’s $14bn deal in 2022, Bloomberg reports. This development comes after regulators asked banks to offer funding support to the state-backed developer. Earlier this month, Vanke had secured an RMB 20bn ($2.8bn) syndicated loan from state-lenders. Besides, the company has been trying to raise liquidity by divesting assets including recently selling a once designated new headquarters project, for RMB 2.24bn ($309mn).The latest loan would be backed by RMB 80-90bn ($11.3-12.7bn) worth of real estate assets, the people added. Proceeds will be used to repay bonds and other private debt.
Vanke’s dollar bonds are trading slightly positive with its 3.15% 2025s now at 84.5, yielding 22.3%.
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