China Vanke, a prominent property developer facing financial strain, announced on Thursday that it secured a 20 billion yuan ($2.76 billion) syndicated loan facility to enhance liquidity. This move follows regulatory pressure in March urging financial institutions to support the Shenzhen-based developer amidst concerns over the sector's debt crisis.
Led by China Merchants Bank, the syndicated loan's details regarding its relation to an anticipated 80 billion yuan facility led by ICBC remain unclear. Approximately half of the 20 billion yuan has already been disbursed to Vanke, with shares in VX Logistics pledged as collateral.
Vanke has disclosed a portfolio of commercial projects, including shopping malls, to potential lenders to secure additional credit, prompting a review of these high-value assets. The developer aims to raise over 30 billion yuan through asset disposals this year.
Paraphrasing text from "Reuters" all rights reserved by the original author.
