China Vanke will sell shares for $995 million to pay off debt abroad

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China Vanke, a major residential property developer in China, announced its intention to sell 262 million 991 thousand new X-shares, Reuters writes. The company wants to raise capital to pay off its debts abroad. Shares of Vanke, registered in mainland China, are traded on the Hong Kong Stock Exchange. The sale price of one share is 29 Hong Kong dollars 86 cents, with a discount of 5.02% from the previous close. The 2018 China Vanke report showed that its main profit for the year increased by 22.8%. According to official data, prices for new housing in 70 main cities of China increased by 0.5% in February, which was the lowest increase since April last year. And, although the government is taking measures to curb the real estate boom, prices have been rising for 46 months in a row.

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