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Bond Market News
Vanke to Sell Its New Headquarters Project for $305mn
May 9, 2024
China Vanke is planning to sell its new headquarters project in order to boost liquidity. The new project, located in Shenzhen, will go on sale on 18 May, according to a land auction statement published in a local newspaper. Vanke is seeking a starting bid of RMB 2.2bn ($305mn), which is 30% less than what the company paid for the land in 2017. The company is exploring multiple options like exiting non-core operations, local debt swap, asset package as collateral in order to reduce its debt burden and avert liquidation.
Vanke’s 4.2% 2024s traded stable at 97.4 cents on the dollar.
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