Beijing developer completes $112 million placement, but wants more

Beijing Capital Land to seek shareholders' approval to double the proceeds by selling shares to a real estate investment arm of Singapore's GIC.

Property developer Beijing Capital Land has raised $112 million from a placement of new H-shares, which marks the first leg in a fund raising exercise that aims to eventually secure twice that amount.

As the National Social Security Fund used its right to sell shares corresponding to 10% of the new H-share issue, the total deal size offered to investors by sole bookrunner CLSA overnight on Wednesday October 26 was HK$960.96 million $123.5 million.

Since the sale accounted...

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