Country Garden plans $410m rights issue

Property developer run by China's richest woman Yang Huiyan opts for rights issue rather than block to avoid diluting her stake.
Yang Huiyan
Yang Huiyan

Country Garden, China’s seventh largest property developer controlled by the country’s wealthiest woman Yang Huiyan, aims to raise up to HK$3.2 billion $410 million in a rights issue to help pay down its debt.

Some 1.3 billion shares will be sold at a ratio of one share for every 15 shares held at HK$2.50, a 31% discount to the August 27 closing price, according to a termsheet seen by FinanceAsia.

The offer period will last from September 23 to October 8, with a listing date scheduled for October 16, the term sheet said. Goldman Sachs and JP Morgan are leading the transaction,...

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