- Monday 2010-03-08 18:29
Thirty-eight listed real estate companies including China Vanke (000002) plan to raise a total of 73 billion yuan in 2010, reports Guangzhou Daily.
According to unnamed industry insiders, real estate developers require capital for working capital needs and to continue on-going projects.
According to the report, China Vanke plans to raise up to 11.2 billion yuan in 2010 despite it having 23 billion yuan of cash on hand as of end 2009.
China Vanke’s transaction area and transaction value in February reached 211,000 square meters and 2.51 billion yuan, representing a decrease of 59.1 and 35.4 percent from a year earlier. It added 44 new real estate projects in 2009.
Song Gurangju, general manager of Poly Real Estate (600048) had said during the the company's 2009 general meeting of shareholders that the company will raise funds in 2010.
