皇冠现金网:China's Country Garden plans US$360mil share sale to refinance debt
The announcement sent shares of the developer and the wider property sector tumbling on the Hong Kong bourse.皇冠现金网（www.hg108.vip）是一个开放皇冠正网即时比分、皇冠现金网开户的平台。皇冠现金网开户平台（www.hg108.vip）提供最新皇冠登录，皇冠APP下载包含新皇冠体育代理、会员APP，提供皇冠信用网代理开户、皇冠信用网会员开户业务。
HONG KONG: Country Garden Holdings Co Ltd 2007.HK said on Wednesday it plans to raise HK$2.83 billion (US$360.23 million) from a share sale, raising proceeds for refinancing existing offshore debt, general working capital and future development purposes.
The announcement sent shares of the developer and the wider property sector tumbling on the Hong Kong bourse.
The transaction came after a rally in property stocks earlier this week following reports Beijing plans a real estate fund worth up to $44 billion to help developers resolve a crippling debt crisis. Read full story
Chinese property developers have been scrambling to raise funds offshore as liquidity dried up following last year's debt crunch.,
Country Garden, the nation's top developer by sales, will issue 870 million new shares, or 3.62% of the enlarged share capital, at HK$3.25 each, to professional and institutional investors in the sale, the company said in a filing to the Hong Kong bourse.
The issue price represents a 12.63% discount to Tuesday's close of HK$3.72 each, it added. UBS is the placing agent.
Country Garden's shares plummeted over 13% to HK$3.23 on Wednesday's early trading, after gaining 18.5% in the previous two sessions.
Hang Seng Mainland Properties Index .HSMPI dropped over 5%.
($1 = 7.8492 Hong Kong dollars) - Reuters