Joy City in HK$6.36bn rights issue

Three of Joy City’s shareholders have agreed to purchase some 76% of the rights issue at HK$1.35 per share.
Joy City owns properties in Shanghai, among other Chinese cities
Joy City owns properties in Shanghai, among other Chinese cities

Joy City Property, Cofco Group’s real estate business, aims to raise up to HK$6.36 billion $820 million in a rights issue to help pay down the December acquisition of Joy City Malls.

Some 4.74 billion shares in Joy City Property will be offered at HK$1.35 per unit on the basis of one share for every two existing shares, according to an announcement on the company’s website.

The offer period will last until March 17 and only be made available to qualified existing shareholders. If the rights issue is fully subscribed, the total amount raised will be used to pay down the outstanding HK...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222