China Vanke Mulls $2.2 Billion Share Placement to Replenish Capital

What’s new: China Vanke, one of the country’s largest developers, is seeking to raise as much as 15 billion yuan ($2.2 billion) in the biggest equity fundraising plan unveiled in the industry.

Shenzhen-based Vanke said it plans to sell as many as 1.1 billion shares, about 9.46% of its current total share capital, to no more than 35 specific investors in the Shenzhen stock market. Funds raised will be used to help weather the market downturn by replenishing liquidity and funding real estate projects.