-- China Vanke Co., the Chinese state-backed developer that’s become the latest flashpoint in the nation’s property crisis, is in advanced talks with major banks for a loan of about 50 billion yuan , people familiar with the matter said.If signed, it would be the largest loan in Asia Pacific, excluding Japan, since Taiwan-based National Housing and Urban Regeneration Center’s $14 billion deal in 2022, according to Bloomberg-compiled data.
Vanke’s 4.2% notes due June 7 climbed to 99.6 cents on the dollar on Thursday, according to Bloomberg-compiled data, signaling strong investor expectation for timely payment.About six to seven banks plan to participate in the 50 billion yuan facility, including China Construction Bank and Ping An Bank, two of the people said. Proceeds will be used to repay bonds and other private debt, also known as non-standard debt, they said.
Vanke didn’t immediately offer a comment when reached Thursday. ICBC, CCB and Ping An didn’t immediately reply to requests for comment. Vanke is also on a selling spree to ease liquidity pressure. It sold this week an unfinished property project, once designated as its new headquarters, to buyers including a major shareholder. The company was also in talks with state-owned investment companies to sell its entire stake in logistics firm GLP Pte, Bloomberg reported in April.
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