(Yicai) April 11 -- Twelve Chinese property developers, including Longfor Group and Zhangjiang Group, have reportedly secured CNY14.6 billion (USD2 billion) in bank loans at a signing ceremony in Shanghai, with cash-strapped builder China Vanke notably missing.

The ceremony, held yesterday, was organized by the Shanghai headquarters of the People's Bank of China and the local bureau of the National Financial Regulatory Administration, The Paper reported today, citing a source. 

The developers secured the loans using operating properties as collateral, with the funds to be invested in these properties or related real estate, according to the report.

With the downturn in China's property market, domestic builders face financing pressures. Under a ‘whitelist’ mechanism launched at the end of January, local governments send project names to banks in the hope of matching loans to eligible cash-strapped developments.

The market is paying attention to Vanke's financial situation, although it has not yet defaulted. The builder has faced fundraising pressure but will somehow make it through, President and Chief Executive Officer Zhu Jiusheng said on the firm’s recent earnings conference call.

According to information circulating on Chinese social media last month, Vanke seeks to raise as much as CNY80 billion in syndicated loans from 12 banks to help it repay maturing bonds. The lenders include large state-owned banks such as China Construction Bank and six joint-stock banks like China Merchants Bank, China Citic Bank, and Ping An Bank.

Editor: Martin Kadiev