According to an approval document issued by the Issuance Examination Committee of the China Securities Regulatory Commission (CSRC), the company plans to issue 45 mln bonds at a price of RMB 100.00 per bond, from 5 to 6 Sept 2008. As the book value of each bond is also RMB 100.00, the total value of the bonds to be issued amounts to RMB 4.5 bln, of which there will be RMB 3 bln worth of secured bonds and RMB 1.5 bln worth of unsecured bonds, both with maturities of five years.

Holders of the company's tradable A-shares of record on 4 Sept 2008 can exercise their preemptive right to subscribe online to secured bonds at an allotment rate of 100:0.0318 and to unsecured bonds at an allotment rate of 100:0.0239.

Natural persons, legal persons, securities investment fund companies and other investors who hold A-shares of the company can also subscribe to the newly-issued bonds online. Institutional investors can subscribe to the newly-issued bonds by conventional means.

For public investors, who can subscribe to no less than 10 newly-issued bonds, the on-line subscription code of the secured bonds is ‘101688’ and the abbreviation is ‘08 Vanke G1’, the on-line subscription code of the unsecured bonds is ‘101699’ and the abbreviation is ‘08 Vanke G2’.

Institutional investors can subscribe to bonds via conventional means, by submitting subscription forms to the sponsor. The minimum subscription amount is RMB 1 mln.
China Construction Bank provides a joint liability guarantee on the bonds.

Record date for newly-issued bonds: 4 Sept 2008
Sponsor: CITIC Securities Co., Ltd.

Board of Directors
2 Sept 2008


Source: Securities Times

Date: 2 Sept 2008

CN01/SC/LZ/BT/KM