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Vanke to issue 5.9b yuan in corporate bonds

By Zhao Tingting (chinadaily.com.cn)
Updated: 2008-08-27 15:09

Vanke, China's largest listed property developer, was approved to issue up to 5.9 billion yuan ($861.69 million) in corporate bonds by the China Securities Regulatory Commission, the company said Wednesday.

As much as 1.5 billion yuan of the proceeds from the bond issuance will be invested to improve the company's debt structure and optimize its debt ratio, and the remainder will supplement its capital flow.

With durations between three and five years, the bonds may have the same or different maturities, said the company.

Vanke's cash balance stood at 15.37 billion yuan at the end of June, according to its half year financial report, while its asset-liability ratio soared to 67.75 percent in the first half, ranking third in the company's history after 76.62 percent in 1990 and 74.91 in 1992.

The 980-billion-yuan fund that was transferred from last year's refinancing fund early this year to supplement the company's liquidity, was returned to its specified account on August 25 in accordance with the developer's commitment, the company also announced today.

Vanke posted net profits of 2.06 billion yuan in the first six months, up 23.56 percent year-on-year. The company sold 2.66 million square meters and its total sales value rose to 24.13 billion yuan, up 15 percent and 38.1 percent respectively over the previous year, despite the weakening demand in the domestic real estate market.