China Vanke, Poly Developments & Holdings and China Merchants Shekou Industrial Zone Holdings lead the Chinese property market for new A-share issuances under Beijing’s ‘three-arrows’ plan. The three-arrows policy is an initiative by the government to provide relief to the sector after having scrapped such share placement measures six years ago. Vanke’s A-share placement application was received by the exchange and if approved, could be the largest onshore shares sale. It plans to issue up to RMB 15bn ($2.1bn) in shares. Poly plans to raise RMB 12.5bn ($1.8bn) and Shekou plans to raise about RMB 8.5bn ($1.2bn).

Separately, creditors of Logan Group and KWG Group are said to plan taking over its multi-billion dollar Hong Kong luxury residential towers. This comes after both developers defaulted on their debts. Banks including HSBC, StanChart and ICBC are among the creditors that provided HKD 10.2bn ($1.3bn) of loans to finance the project, as per Bloomberg. Dollar bonds of Logan and KWG are in deep distress, trading at 9-12 cents on the dollar. 

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