greentown-returns-to-market-with-a-297-million-placement

Greentown returns to market with a $297 million placement

The company takes advantage of a record high share price and positive sector sentiment, but holds off on plans for a concurrent CB that could have doubled the proceeds.
Taking advantage of a strong day in the market and a fresh record high in its own share price, residential property developer Greentown China Holdings yesterday raised HK$2.31 billion $297 million from a top-up share placement.

This was Greentown's second return to the capital markets since its $396 million initial public offering in July last year, with the Zhejiang-based developer also having done a $400 million high-yield bond in November. The IPO came at the tail end of the six-week correction in global equity markets which resulted in the management having to trim its fund raising targets, thus adding to the need to come back for more as the company continues to grow.

The...
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