HONG KONG : Major Chinese property developer China Vanke is selling 300 million new H-shares at HK$12.93 to HK$13.20 apiece in a placement on Wednesday to raise around $500 million, according to a term sheet seen by Reuters.The company plans to use 60 per cent of the proceeds for debt repayment and the re
HONG KONG : Major Chinese property developer China Vanke is selling 300 million new H-shares at HK$12.93 to HK$13.20 apiece in a placement on Wednesday to raise around $500 million, according to a term sheet seen by Reuters.
The company plans to use 60 per cent of the proceeds for debt repayment and the rest for replenishing working capital, it said. The offering price range represents a 5-7 per cent discount to the Wednesday closing price of HK$13.9.
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