China Vanke Co. Ltd.'s board is seeking shareholders' approval for a general mandate that will grant the board authority to issue up to 35 billion yuan in direct debt financing instruments.
If approved, the company will be allowed to issue in a single or in multiple tranches one type or a combination of debt financing instruments, including corporate bonds, medium-term notes, short-term commercial paper, perpetual bonds and asset-backed bonds. The general mandate will have a 24-month validity period starting Feb. 23, according to the resolution submitted for approval.
Proceeds raised from issuances conducted under the proposed general mandate will be used by the company to finance its production and operation needs, adjust its debt structure, replenish liquidity sources and/or for investment projects, such as long-term lease apartments.
Shareholders will meet Feb. 23 at China Vanke's headquarters in Shenzhen to vote on the resolutions for the general mandate and for the proposal to adjust the remuneration scheme for directors and supervisors of the company.
As of Feb. 5, US$1 was equivalent to 6.29 yuan.
