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China Vanke unit guarantees loan for Tianjin, China, project

A China Vanke Co. Ltd. development project in the mainland town of Beicang, Tianjin, secured a loan of 901 million Chinese yuan from CITIC Trust Co. Ltd.

Tianjin Vanke Real Estate Development Co. Ltd. will act as the guarantor for 63.1 million yuan or 70% of the loan. The project is a 70/30 joint venture between Vanke and a Wuhan-based developer.

As of Dec. 13, US$1 was equivalent to 6.90 Chinese yuan.