It added it will not use the proceeds for new domestic residential development projects.
China's property sector has since mid-2021 been grappling with a liquidity crisis, with many developers defaulting on or delaying debt payments as they struggle to sell apartments and raise funds. It has received approval to issue around 30 billion yuan notes recently and is planning to sell up to 15 billion yuan new shares in Shenzhen, where it is dual-listedJP Morgan said Vanke's placement, while not a "total surprise", came earlier than expected because it is in a blackout period prior to earnings announcement.
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