HONG KONG, March 28 (Reuters) - China Vanke Co Ltd said on Thursday it planned to sell HK$7.81 billion ($995 million) worth of new H-shares to raise capital to repay its outstanding overseas debt financing.
China’s No. 2 property developer by sales said it had agreed to sell 262.991 million new H-shares at HK$29.68 apiece in a share placement. The issue price represents a 5.02 percent discount to the previous close.
The net proceeds would not be used for the development of residential properties, it added.
$1 = 7.8495 Hong Kong dollars Reporting by Donny Kwok; Editing by Stephen Coates