By P.R. Venkat

Country Garden Holdings Co. said Friday that it has secured a 15 billion yuan (US$2.37 billion) line of financing from China Merchants Bank Co. for acquisitions in the property market.

Developers and the real estate market in Hong Kong and China have been severely hit by tighter credit conditions as well as falling demand for property. Many developers, including conglomerate China Evergrande Group, have defaulted on some of their debt, shaking investors' confidence in the Chinese real estate market.

Country Garden is among the few real estate developers considered to be in a strong financial position compared with its peers. Earlier this year, the developer raised US$501 million by issuing convertible bonds.

Its financing agreement with China Merchant Bank will allow the group to "better capture the merger and acquisition opportunities in the market," Country Garden said.


Write to P.R. Venkat at venkat.pr@wsj.com


(END) Dow Jones Newswires

03-04-22 0018ET