Developer China Vanke plans $1 billion share sale to repay overseas debt

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The Chinese property developer plans to sell 315.89 million new H-shares, representing 2.72% of the enlarged total issued share capital, to no less than six professional, institutional or other investors.

The new H shares will be issued at HK$25 apiece, or a 4.76% discount to Wednesday’s close of HK$26.25 each.

Major shareholder Shenzhen Metro Group Co Ltd’s stake in the developer will be reduced to 27.91% on completion of the deal, from 28.69%.

CLSA Ltd, UBS AG, China International Capital Corporation, and CMB International Capital Ltd are the placing agents.

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