Dec. 16, 2011 (China Knowledge) - China Vanke Co Ltd<000002
>, the country's largest publicly-traded residential property developer, said on December 15 that it has acquired RMB 1 billion worth of credit line from China Resources SZITIC Trust Co Ltd to fund a property project in Shanghai
The two-year credit line will have a fixed-rate of 11.2%, said the Shenzhen-listed
China Resources Land Ltd<1109
>, which holds a 51% stake in China Resources SZITIC Trust, is also the largest shareholder of Vanke with a 14.73% stake.
Earlier this year, Vanke secured a credit line of RMB 4.42 billion from the same trust company, said analysts, adding that the Chinese property giant may probably apply for more trust funds.
At the end of September this year, Vanke's net loss in cash and cash equivalents had reached RMB 1.95 billion, and the company suffered the consecutive sales decline in the past three months due to sluggish Chinese real estate market.
In November, Vanke sold 738,000 square meters of properties for RMB 8.29 billion in total with sales revenue plunging 19.8% from a month earlier.