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CHINA VANKE Rallies 16% as Rumor Says CN Helps Vanke Fill Funding Gap of ~RMB50B
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CHINA VANKE (02202.HK) rallied in the afternoon, peaking at $6.45. It last printed at $6.33, up 16.36%, with 167 million shares traded, involving $979 million. According to Bloomberg, China is working on a plan to help Vanke fill a funding gap of about RMB50 billion. The news also drove Vanke A (000002.SZ) up towards the market end. Pursuant to the program, the regulator will allocate a RMB20 billion quota of local government bonds for the purchase of Vanke's unsold properties and vacant land to enable the group to repay its public and private debts due this year. Vanke and its subsidiaries will also be allowed to utilize other financing tools, including issuing new bonds and underwriting bank loans, although the final details of the plan could still change. Vanke responded that it will bend over backwards to meet its public debt obligations for 2025 and will continue to raise funds through property sales, asset disposals, exiting non-core businesses and seeking new financing. The group's public debt due this year amounted to RMB36 billion, and it repaid RMB3 billion in January. AAStocks Financial News |
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