Vanke plans $290.5m bond sale in in­ter­bank mar­ket

China Daily (Canada) - - BUSINESS -

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.

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