CIFI Holdings raises $170m in top-up placement

Investors nonplussed by a tumble in Hong Kong's stock markets snapped up shares in the Chinese property developer.

CIFI Holdings raises $170m in top-up placement
The JV between CIFI Holdings and Hongkong Land will develop a large-scale project in Shanghai

CIFI Holdings defied tumbling markets in Hong Kong on Monday and raised $170.3 million in a top-up placement.

The mainland real estate developer launched the follow-on offering midday on May 18 after it announced plans to form a joint venture with Hongkong Land China Holdings to develop a property project in Shanghai.

Some 500 million primary shares were on offer at an indicative price range between HK$2.175 and HK$2.350 per...

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