China Resources Land brings placement

Property developer takes advantage of share price run up.

Property developer China Resources Land raised $143 million from a top-up placement through JPMorgan on Friday January 20, taking advantage of a strong run in its share price over the past couple of months.

The company placed 300 million shares at a price of HK$3.725 each, representing a discount of 8.02% to Friday's closing price of HK$4.05. The shares were initially offered in a range of HK$3.60 to HK$3.85, or a discount of 4.94% to 11.11%.

The shares were sold by China Resources Holdings, who will subscribe to the same amount of new shares at the same price. The new...

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