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.

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