Quick placement from Shanghai Forte

More fundraising activity expected as Hang Seng Index breaks through 16,000.

Property developer Shanghai Forte Land took advantage of a record high share price yesterday April 3 to raise HK$694.9 million $89.5 million from a placement of new shares.

It was the companyÆs second follow-on share sale since it listed on Hong KongÆs main board in February 2004. Just over a year ago, it raised HK$413.4 million from a similar new share deal.

Morgan Stanley has acted as lead manager for all of the group's public equity offerings and...

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