China Vanke Co., Ltd. (000002.SZ)
- Reuters
China's home de-stocking push to bring developers little cheer
HONG KONG/BEIJING (Reuters) -China's efforts to clear massive inventory by turning unsold homes into affordable housing are unlikely to help cash-strapped developers due to the programme's limited size and potentially low prices, analysts and developers say. As part of a support package for the crisis-hit property sector, Beijing announced last month a plan for a 300 billion yuan ($41 billion) lending facility, which could result in 500 billion worth of bank financing for local state-owned enterprises (SOEs) to purchase completed and unsold homes. Chinese banks are expected to extend cheaper loans to SOEs via the facility, backed by the central bank, to help them buy the homes from developers at "reasonable prices" to turn into affordable housing.
- Bloomberg
China Vanke’s Sales Slump Eases as Housing Market Picks Up
(Bloomberg) -- China Vanke Co.’s sales slump moderated in May, as a thaw in housing market sentiment boosted the state-backed developer that’s become a focus of the nation’s property crisis. Most Read from BloombergModi Vows to Stay in Power Even as Party Loses India MajorityShort Sellers in Danger of Extinction After Crushing Stock GainsMnuchin Chases Wall Street Glory With His War Chest of Foreign MoneyHow Billionaires Bought 70% of Detroit’s Offices and Transformed the CityNYSE Fixes Issue Th
- Bloomberg
China Vanke in Advanced Talks With Banks for $6.9 Billion Loan
(Bloomberg) -- 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 ($6.9 billion), people familiar with the matter said. Most Read from BloombergWorld’s Largest Nuclear Plant Sits Idle While Energy Needs Soar‘Not Gonna Be Pretty:’ Covid-Era Homebuyers Face Huge Rate JumpWarning Signals Are Flashing for Homeowners in Texas and FloridaInsurers Sink as Unite
