China Vanke units guarantee US$1.1 billion in loans for troubled developer after Fitch Ratings downgradeFinanceChina Vanke units guarantee US$1.1 billion in loans for troubled developer after Fitch Ratings downgrade

China Vanke units guarantee US$1.1 billion in loans for troubled developer after Fitch Ratings downgrade

Troubled property developer China Vanke will receive a 7.8 billion yuan (US$1.1 billion) lifeline in the form of bank loans guaranteed by its subsidiaries, a day after the company had its credit rating cut.

Shenzhen Yili Real Estate Development provided a guarantee for a 4.49 billion yuan loan, while Shenzhen Zhongke Wanxin Industrial offered a guarantee for a 3.29 billion yuan borrowing, Vanke said in a Friday stock exchange filing.

Source: TRADE FINANCE