Vanke to build condos for China's rich in Singapore

[SINGAPORE] Faced with curbs on luxury residences and fundraising at home, China's biggest mainland-listed property developer is building apartments for wealthy Chinese in Singapore and raising debt in the city's currency.

China Vanke Co, which also plans developments in San Francisco and Hong Kong, sold S$140 million of four-year notes with a 3.275 per cent coupon on Oct 31, according to Bloomberg data.

That's a premium on the average 1.8 per cent coupon for Chinese bonds in the currency. The yield on the company's five-year US dollar bonds fell 54 basis points since June, to 4.14 per cent on Nov 5.