Property developer China Vanke to raise $500 mln via share placement - term sheet

Kitco Media
By Reuters
Published:
Updated:
Reuters
HONG KONG, March 1 (Reuters) - 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% of the proceeds for debt repayment and the rest for replenishing working capital, it said. The offering price range represents a 5-7% discount to the Wednesday closing price of HK$13.9. (Reporting by Summer Zhen; Writing by Clare Jim; Editing by Louise Heavens)

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