May 24, 2024 03:52 PM
BUSINESS
Vanke to Get $1.1 Billion of Loans Guaranteed by Units
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A residential building under construction at the China Vanke Co. Elegant Lifestyle project in Shenzhen on April 17. Photo: Bloomberg
(Bloomberg) — China Vanke Co. said it will receive 7.8 billion yuan ($1.1 billion) of bank loans guaranteed by its units, an effort to “meet business operations needs,” as the cash-strained developer seeks to avoid a default.
Vanke subsidiary Shenzhen Yili Real Estate Development Co. provided a guarantee for a 4.49 billion yuan loan, according to a company filing Friday. Another unit, Shenzhen Zhongke Wanxin Industrial Co., issued a guarantee for a 3.29 billion yuan loan.
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