China Vanke proves there is life in mainland property

The mass-market homebuilder raised $800 million from a debut dollar bond late last week despite new property cooling measures in China.
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As a mass-market residential developer, China Vanke is on right side of government
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<div style="text-align: left;"> As a mass-market residential developer, China Vanke is on right side of government </div>

China Vanke, the mainland’s biggest homebuilder, raised $800 million from its debut in the dollar bond market on Thursday night, attracting $7 billion of demand.

Investors were keen to buy Vanke’s paper because it is the highest-rated borrower in China’s property sector, which allowed it to tap the bond market even in the wake of government measures designed to cool property speculation.

In a strange piece of timing, the company’s chairman also chose to give an interview to 60 Minutes for a segment that exposed the scale of China’s property bubble on primetime television.

Unsurprisingly, investors were extremely interested to ask Wang Shi about...

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