(Reuters) – Cash-strapped China Vanke Co is in advanced talks with major banks for a loan of about 50 billion yuan ($6.90 billion), Bloomberg News reported on Thursday citing people familiar with the matter.
The loan would be backed by about 80 billion to 90 billion yuan worth of real estate assets and would be part of an asset package, adding up to about 130 billion yuan, that Vanke has been putting together to use as collateral, the report said.
($1 = 7.2470 Chinese yuan)
(Reporting by Kanjyik Ghosh; Editing by Himani Sarkar)
