Chinese Banks Race to Rescue Major Developer Vanke

Chinese banks reportedly scrambling to bail out major developer China Vanke after its credit rating was downgraded
Vanke at risk of defaulting on debts like Evergrande and Country Garden which could lead to liquidation
12 major banks, including 6 largest state-owned lenders, in talks to provide $11.2 billion syndicated loan to Vanke
Loan provision still uncertain; insurers also negotiating new round of debt talks to avert default
Beijing struggling to restore confidence in ailing real estate industry, but won't bail out developers facing insolvency