China Vanke Secures Up to 519 Million Yuan Loan From Shenzhen Metro

MT Newswires Live07-22

China Vanke (HKG:2202, SHE:000002) secured a loan of up to 519 million yuan from substantial shareholder Shenzhen Metro and agreed to pledge 519 million yuan of accounts receivable as collateral, according to a Tuesday Hong Kong bourse filing.

The loan carries a floating interest rate of the one-year loan prime rate minus 71 basis points, equivalent to 2.29% as of the announcement date, and matures within three years from the first drawdown.

The proceeds will be used to repay outstanding bond principal and interest, as well as other designated debt obligations.

Shenzhen Metro Group owns about 27.18% of China Vanke, according to the filing.

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