Joy City in HK$6.36bn rights issue

Three of Joy City’s shareholders have agreed to purchase some 76% of the rights issue at HK$1.35 per share.

Joy City in HK$6.36bn rights issue
Joy City owns properties in Shanghai, among other Chinese cities

Joy City Property, Cofco Group’s real estate business, aims to raise up to HK$6.36 billion $820 million in a rights issue to help pay down the December acquisition of Joy City Malls.

Some 4.74 billion shares in Joy City Property will be offered at HK$1.35 per unit on the basis of one share for every two existing shares, according to an announcement on the company’s website.

The offer period...

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