Cash-strapped major property developer China Vanke said on Thursday it had received a RMB 20 billion ($2.76 billion) syndicated loan facility and it would continue to push forward other financing to boost its liquidity, reports Reuters. The facility came after regulators in March asked financial firms and creditors to step up financing support for the Shenzhen state-backed developer in a rare intervention, wary about a further deepening of the debt crisis in the sector, Reuters had reported.
Lenders include a group of banks, led by state-owned Industrial and Commercial Bank of China (ICBC) which was in early talks to lend as much as RMB 80 billion, sources have said.
It was unclear whether this new syndicated loan facility, led by China Merchants Bank according to Vanke in a statement on Thursday, is part of the RMB 80 billion target or separate from it.