The company has completed an issuance of RMB 5.9 bln worth of five-year secured and unsecured bonds to the public with a coupon rate of 5.5% for secured bonds and 7% for unsecured bonds. Each bond has a face value of RMB 100.00. Citic Securities Co., Ltd. was the underwriter of the bond issuance.

Holders of tradable A-shares of the company have exercised their rights of first refusal to subscribe on-line to RMB 73,309,400 worth of secured bonds and RMB 51,662,000 worth of unsecured bonds. Public investors subscribed on-line to RMB 300 mln worth of secured bonds and RMB 375 mln worth of unsecured bonds. Institutional investors have subscribed off line to RMB 2,626,690,600 worth of secured bonds and RMB 2,473,338,000 worth of unsecured bonds.

The RMB 5.9 bln bonds, with the abbreviation of '08 Vanke G1' and the trading code of '751991' for secured bonds as well as the abbreviation of '08 Vanke G2' and the trading code of '751991' for unsecured bonds, will be listed as of 18 Sept 2008 on the Shenzhen Stock Exchange.

Board of Directors
17 Sept 2008


Source: Securities Times

Date: 17 Sept 2008

CN01/ZZ /SW/BT/KM