Vanke fails in additional issue plan

By Yu Hongyan (chinadaily.com.cn)

2010-09-16 16

China Vanke Co has failed in its 11.2-billion-yuan additional issue plan after it expired Wednesday and the company failed to extend the date, the Shanghai Securities News reported Thursday.

This is the second property developer to fail in its additional issue plan since September of this year, according to the paper.

Vanke fails in additional issue planLuxury brands eye Chinese travelers
Related readings:
Vanke fails in additional issue plan Property price growth slows in major cities
Vanke fails in additional issue plan China mulls levying property tax
Vanke fails in additional issue plan China's Real Estate Curbs
Vanke fails in additional issue plan Dreaming of their own homes
More than 20 property developers have submitted their additional issuance plans since the first half of this year, with the refinancing size amounting to hundreds of billions of yuan, but none won approval, according to the paper.

Analysts say developers are in a refinancing rush to expand further and replenish liquidity.

But the China Securities Regulatory Commission may not approve a developer's refinancing plan until China eases its property curbs, according to analysts.

The State Council, or China's cabinet, issued a notice in April to tame the country's rising housing prices. It required the CSRC to postpone approval on the listings, refinancing and restructure of property developers.

China's August housing prices rose at the slowest pace in the year, with prices in the country's 70 major cities growing by 9.3 percent year-on-year, according to the National Bureau of Statistics.

Airbus China increases eco-awareness

An Airbus A320 model containing a fuel cell demonstrator displayed at the Shanghai Expo had attracted tens of thousands of visitors.

GM unveils Chevy EV at the Expo

General Motor revealed its electric car, the Chevrolet Volt, in Shanghai on Aug 31. It will serve the World Expo as VIP transportation.

China's 1st electric car sold to individual

Last week little-known carmaker Zotye Auto became the first Chinese company to sell a purely electric car to an individual.

China Wind Power 2010 Conference&Exhibition

China Wind Power 2010 is the largest and most important international wind power conference and exhibition in China.

TradeWinds Shipping China 2010

TradeWinds Shipping China 2010 moves to Beijing to examine every important facet of how the shipping industry's fortunes are linked to China.

2010 Outdoor Lifestyle Hangzhou Fair

Outdoor Lifestyle Hangzhou Fair will attract reputed suppliers, buyers and agents from around the globe and it will offer numerous opportunities.