China Resources Land prices $1.3b share sale

Chinese property firm joins flurry of issuers after Beijing cut its benchmark lending rate over the weekend to a record low.

China Resources Land prices $1.3b share sale

Chinese property firm China Resources Land sold $1.3 billion worth of shares on Tuesday at the bottom end of the price range as stock markets took a tumble globally, according to people close to the deal.

The sale follows the People’s Bank of China’s announcement on Sunday of its third round of interest rate cuts since November, a move widely expected to be a boost for real estate companies. 

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