HONG KONG :China Vanke Co Ltd is seeking to raise around $500 million via a new share placement in Hong Kong, according to term sheets seen by Reuters, in a first major test of offshore investor appetite for property shares this year.China's property sector has since mid-2021 been grappling with a liquidity c
HONG KONG :China Vanke Co Ltd is seeking to raise around $500 million via a new share placement in Hong Kong, according to term sheets seen by Reuters, in a first major test of offshore investor appetite for property shares this year.
State-backed Vanke, however, is seen by the market as a good quality developer, with many onshore credit lines in place. The price range represents a 5 per cent to 7 per cent discount to Wednesday's close of HK$13.90. The shares closed up 1.5 per cent on the day, underperforming a 5.5 per cent jump in the Hang Seng Mainland Properties Index.
Vanke has $971 million and $650 million dollar notes due in April and May, respectively, according to Refinitiv data.
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