China Vanke in Advanced Talks With Banks for $6.9 Billion Loan [BNN Bloomberg (Canada)]
CHINA MRCHNTS BK UNSP/ADR (CIHKY)
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Source: BNN Bloomberg
If signed, it would be the largest loan in Asia Pacific, excluding Japan, since Taiwan-based National Housing and Urban Regeneration Center's $14 billion deal in 2022, according to Bloomberg-compiled data. Talks over the facility, led by Industrial & Commercial Bank of China, began a few months ago after financial regulators instructed the banks to offer funding support to the developer, said the people, who asked not to be identified as the matter is private. The loan would be backed by about 80 billion to 90 billion yuan worth of real estate assets, the people added. They are part of an asset package, totaling about 130 billion yuan, that Vanke has been putting together to use as collateral, they said. The ICBC-led deal would be the second mega loan Vanke received this year. The ongoing talks with the lenders have already resulted in another 20 billion yuan syndicated loan that Vanke signed last week with financial institutions, including China Merchants Bank. China's second
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News
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