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.

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. 

Moody's said the PBoC's latest rate cuts are positive for property developers because it will support property sales and reduce borrowing costs. The ratings agency said those with a focus on the mass market, a high...

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