Developers Vanke, Poly Plan Shares Sales as Market Thaws

(Bloomberg) — Two of China’s biggest real estate developers confirmed plans to raise cash by selling shares, the latest funding efforts following the government’s easing of a clampdown on the debt-laden sector.

China Vanke Co. Ltd. will raise $499 million in a Hong Kong share placement, its first in the Asian financial hub since 2020. State-run Poly Developments & Holdings Group Co. Ltd. said the Shanghai Stock Exchange is reviewing its plans announced in December for an onshore private share sale of as much as 12.5 billion yuan ($1.8 billion).