China’s largest developer China Vanke is rasing its debt level amid its efforts to build more residential units for wealthy Chineses in Singapore as well as in China. The move to raise debt level came while the Chinese Government is introducing measures to curb the local property prices.
According to sources, the China developer has sold $140m of 4 year notes in an effort to raise more funds for its projects. With more Chinese buying Singapore properties, it has sort consortium with Keppel Land to build a new project The Glades in Tanah Merah.
Sources has quote that mainland builders have been trying to sort funding overseas due to the Chinese government clamping down on credit. Moreover, many mainland buyers are looking to buy overseas property due to the fact that they are seeking access to services such as healthcare, education and citizenship overseas.
The Hillford Condo in Jalan Jurong Kechil might be an interesting investment to the mainland Chinese as it is very affordable. This condo might open a new market as there are a section of these buyers who find regular condos too expensive.