Vanke plans $290.5m bond sale in interbank market
China Vanke Co, the nation’s biggest listed developer, is to sell bonds after regulators allowed more property companies to access the onshore note market to support the slumping industry. The builder will issue 1.8 billion yuan ($290.5 million) of three-year securities on Dec 24, according to a statement posted on Chinamoney website. The proceeds from the offering on the interbank market, the country’s biggest bond bourse, will be used to repay bank loans, according to a prospectus. China shifted to allow onshore debt sales by developers earlier this year after blocking them, and the central bank cut its benchmark interest rate last month after housing sales slumped 10 percent this year through October. That has sparked a rally in builders.