Country Garden plans $410m rights issue

Property developer run by China's richest woman Yang Huiyan opts for rights issue rather than block to avoid diluting her stake.

Country Garden plans $410m rights issue

Country Garden, China’s seventh largest property developer controlled by the country’s wealthiest woman Yang Huiyan, aims to raise up to HK$3.2 billion $410 million in a rights issue to help pay down its debt.

Some 1.3 billion shares will be sold at a ratio of one share for every 15 shares held at HK$2.50, a 31% discount to the August 27 closing price, according to a termsheet seen by FinanceAsia.

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