Major Chinese property developer China Vanke is selling 300 million new H-shares at HK$12.93 to HK$13.20 apiece in a placement on Wednesday to raise around $500 million, according to a term sheet seen by Reuters.
The company plans to use 60% of the proceeds for debt repayment and the rest for replenishing working capital, it said.
The offering price range represents a 5-7% discount to the Wednesday closing price of HK$13.9
