China Vanke (HKG:2202, SHE:000002) said it secured a further 1.14 billion yuan in borrowings from its substantial shareholder Shenzhen Metro Group, according to a Friday filing with the Hong Kong bourse.

The distressed developer will use proceeds from the three-year facility to repay public market debt and related interest obligations.

Interest on the loans will be calculated on the basis of the one-year loan prime rate minus 71 basis points.

The new loan agreement follows an earlier agreement in May for borrowings of up to 2.5 billion yuan.

Separately, China Vanke said it will repay 863.1 million yuan of principal and interest on its 2023 third-tranche medium-term notes at maturity on June 15, including a scheduled redemption of 40% of the principal.

The firm previously asked holders of the 3.07% onshore bonds to extend the debt's maturity by one year in exchange for the 40% principal repayment, Reuters reported.

China Vanke made the same offer to holders of another 2 billion yuan in debt due July 7.

Meanwhile, in a separate announcement, the firm said it was abandoning the public tender of Huanshan Group after it failed to receive bids for the business.

The company had announced the sale of the livestock firm in April as part of efforts to exit non-core operations.

China Vanke said it would continue to explore the sale of the business through other avenues.