China Vanke Co. Ltd., a residential real estate developer, is aiming to raise 7.81 billion Hong Kong dollars ($995 million) in a share placement offering.

The company has agreed to divest 262.991 million new H-shares at $3.78 a piece in a share placement.

The issue price represents a 5.02 percent discount to the previous close.

China Vanke intends to use the proceeds to repay its outstanding overseas credit financing.