China Vanke gets US$383 million loan from state shareholder
Cash-strapped China Vanke said its major shareholder, state-owned Shenzhen Metro, is giving it a 2.8 billion yuan (US$383.12 million) loan, in a sign the government is stepping up efforts to stabilise the property developer.
Property developer China Vanke secures $383 million loan from Shenzhen Metro
China Vanke (OTCPK:CHVKF) has secured a 2.8 billion yuan ($383.12 million) loan from its major shareholder, state-owned Shenzhen Metro to repay debt, indicating further support from the government for the cash-strapped developer.
Vanke Gets $383 Million Loan From State Owner for Debt Repayment
China Vanke Co. won more support from authorities as its largest state shareholder agreed to provide up to 2.8 billion yuan ($383 million) to help the struggling developer repay outstanding debt.
China Vanke Secures Cheap Loan From State-Owned Shareholder
The Shenzhen-based company said in a filing late Monday that it received the loan from Shenzhen Metro Group, which is a state-owned subway operator in one of the biggest cities in China. The loan was at interest rate of 2.34%, below China's one-year loan prime rate at 3.1%.
China Vanke secures Rmb2.8bn loan from Shenzhen Metro Group
Shenzhen Metro Group is the Chinese property giant's largest shareholder with the move coming after Vanke said it could make a loss of up to Rmb45bn in 2024.
China Vanke secures US$383 million lifeline from Shenzhen Metro Group to repay debt
Shenzhen Metro Group, which holds a 27.2 per cent stake, signed a three-year agreement with Vanke to provide secured loans of ...
Shenzhen government tightens control over Vanke with management changes, document shows
The government in the Chinese city of Shenzhen has made 10 new management appointments at China Vanke , according to an ...
Rare China support shows developer Vanke may be too big to fail
China Vanke Co has received a lifeline by state authorities, a rare show of support that signals the developer is too big to ...
From MetroLink to Shenzhen: The Unusual Journey of a Stolen iPhone
A Lemay man tracked his stolen iPhone to a machine that offers instant cash for smartphones. But before police could retrieve it, he says it popped up on his tracker as being overseas.