01.06.2012 - China's largest real estate developer straddled with high debt
Vanke is rolling the dice. The company is China's largest real estate developer. It also is carrying one of the steepest commercial real estate debt loads in the country. Despite unpaid loans approaching $1 billion, Vanke has announced it plans to acquire a 73.91% controlling stake in Hong Kong-listed Wing Tai Properties, for HK$1.08 billion (US $139 million). The deal marks the Chinese developer's first attempt to internationalize its portfolio. Vanke didn't indicate when the deal would close..............................................Full Article: Source
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