0752 GMT - More support from China Vanke's major shareholder signals Chinese authorities' commitment to keep the company afloat, DBS says in a research note. The troubled Chinese developer said late Friday that key shareholder Shenzhen Metro Group, a state-owned subway operator in one of China's biggest cities, plans to provide a 4.2 billion yuan loan, days after it offered a 2.8 billion yuan loan. DBS thinks the move signals regulators' "proactiveness to act." "More disposals and refinancing will still be required, but the development may be read constructively and lend support to bond and share price performances," they say. DBS estimates Vanke could need around 32 billion yuan to meet its operating cash flow needs and bond obligations, assuming it can maintain average presales at 4Q levels. Vanke's H-shares are last at HK$6.12. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
February 24, 2025 02:52 ET (07:52 GMT)
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