Reported 6 months ago
China Vanke, a major property developer, has secured a 20 billion yuan ($2.76 billion) syndicated loan facility to boost its liquidity, following regulators' call for increased financial support for the company. The loan, led by China Merchants Bank, is part of efforts to address the debt crisis in the real estate sector. Lenders, including state-owned Industrial and Commercial Bank of China, are in talks to provide additional financing, with half of the facility already transferred to Vanke. The company plans to raise more than 30 billion yuan through asset disposals this year.
Source: YAHOO