SHANGHAI: China Vanke Co sold HK$7.8bil (US$995mil) of shares to pay down overseas debt, highlighting the potential for a wave of equity raising by Chinese developers.
The sale at HK$29.68 per share represented a 5% discount to Wednesday’s closing price, the company said yesterday. The stock surged as much as 7.5% in Hong Kong before closing up 1% at HK$31.55.
