Franshion Property block fetches $564m on the HKSE

GIC now owns 6.5% of the Hong Kong-listed property developer, while New China Life has become its second largest shareholder.

Franshion Properties China has raised $564 million via a private placement on Tuesday, with New China Life Insurance, Singapore's sovereign wealth fund GIC, and private equity firm Warburg Pincus investing in the Hong Kong-listed real estate developer.

Franshion Properties, which is controlled by Sinochem Corp, issued 1.6 billion shares at HK$2.73 per unit, representing a 9.9% discount to the June 8 closing price of HK$3.03 per unit, according to a filing on the Hong Kong Stock Exchange on Tuesday. The shares on offer represent 17.6% of the existing issued share capital.

The private placement launched amid a 36.5% jump in Franshion Properties'...

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