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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