(Yicai) May 14 -- Troubled property developer China Vanke has obtained a total of CNY8.6 billion (USD1.2 billion) worth of bank loans in only four days.

Vanke got a three-year CNY690 million (USD95.3 million) loan from the Shenzhen branch of Bank of China and three three-year loans with a total principal of CNY2.2 billion from the Shenzhen branch of Agricultural Bank of China, the Shenzhen-based real estate giant said yesterday. Moreover, it was granted a CNY4.4 billion credit line from the Shenzhen branch of Bank of Beijing.

Vanke’s holding units will provide guarantees for the loans by pledging their stakes in project firms or assets, Vanke noted, adding that some holding units will help repay the debts as co-borrowers.

On May 10, Vanke announced it got a three-year CNY1.3 billion loan from the Luohu district branch in Shenzhen of Postal Savings Bank of China.

After the pledges, Vanke’s external guarantees, including those of its units, totaled CNY35.9 billion (USD 5 billion), equal to 14.3 percent of the parent company’s unaudited net assets last year.

Vanke’s shares [SHE: 000002] closed up 0.54 percent at CNY7.46 (USD1.03) in Shenzhen today.

Editor: Futura Costaglione