Shenzhen government drafting $11.6 billion rescue package for China Vanke, Octus says

Reuters14:33

Shenzhen government drafting $11.6 billion rescue package for <a href="https://laohu8.com/S/CHVKF">China Vanke</a>, Octus says

HONG KONG, Feb 11 (Reuters) - China's Shenzhen municipal government is drafting a rescue package worth 80 billion yuan ($11.58 billion) for distressed state-backed developer China Vanke 000002.SZ, financial publication Octus reported on Wednesday.

The move follows the central government's directives to allow "no default", the report said, citing sources briefed on the matter.

Vanke did not immediately respond to a Reuters' request for comment. The Shenzhen government and the state-owned Assets Supervision and Administration Commission of the State Council could not be immediately reached for comment.

The report said the rescue plan being drafted is extremely preliminary, and it involves a 20 billion yuan placement of Vanke shares.

Vanke last month received approval from bondholders to defer some repayments for three yuan-denominated bonds, giving the troubled developer some breathing room in the first quarter as it works on other debt negotiations with help from Beijing.

($1 = 6.9101 Chinese yuan)

(Reporting by Clare Jim; Editing by Subhranshu Sahu)

((clare.jim@thomsonreuters.com;))

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