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Vanke Real Estate (Hong Kong) Co. Ltd.’s Proposed Drawdown Under Its US$7.0 Billion MTN Program Assigned ‘BBB’ Rating

          HONG KONG (S&P Global Ratings) May 17, 2018--S&P Global Ratings today assigned its 'BBB' long-term issue rating to the proposed drawdown under the US$7.0 billion medium-term note (MTN) program of Vanke Real Estate (Hong Kong) Co. Ltd. (BBB+/Stable/--), a subsidiary of China Vanke Co. Ltd. (BBB+/Stable/--). China Vanke intends to use the proceeds for general corporate purpose. 
          We rate the senior unsecured notes one notch below the issuer credit rating on Vanke Real Estate to reflect structural subordination risk. The issue rating is subject to our review of the final issuance documentation. 
          We do not expect the new issuance to have a significant impact on China Vanke's financial leverage. We believe China Vanke's strong sales and significant revenue from properties sold but not yet booked should underpin robust earnings growth in the next two years. At the same time, we expect China Vanke to continue to increase its investments in the form of large land acquisitions and diversification of business segments.