China Merchants Property squeezes price of proposed share sale

The offering price is reduced by 27%, but the cut may not be enough for the $753 million placement to go through.

China Merchants Property Development, a subsidiary of China Merchants Group, which is seeking to raise fresh funds through a private placement, has reduced its offering price by nearly 27%, citing the recent crash in property stock prices and Beijing's tightening policies to curb the country's overheated housing market. At the revised price, the Shenzhen-listed developer could raise Rmb5.15 billion $753 million.

The placement was first announced in July last year but the deal has been grounded ever since as...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Print Edition

FinanceAsia Print Edition

EVENTS