China Vanke plans $995 million share sale to repay overseas debt
China Vanke Co Ltd said on Thursday it planned to sell HK$7.81 billion ($995 million) worth of new H-shares to raise capital to repay its outstanding overseas debt financing.
China`s No. 2 property developer by sales said it had agreed to sell 262.991 million new H-shares at HK$29.68 apiece in a share placement. The issue price represents a 5.02 percent discount to the previous close.
The net proceeds would not be used for the development of residential properties, it added.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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