shanghai-real-estate-prices-offer-at-4-discount

Shanghai Real Estate prices offer at 4% discount

In the tenth placement by a Hong Kong-listed developer in six weeks, Shanghai Real Estate raises $106 million for land bank acquisitions and new developments.
Shanghai Real Estate yesterday sold HK$827.6 million $106 million worth of company shares through the tenth share placement by a Hong Kong-listed property company in the past six weeks.

Developers based in Hong Kong and China are taking advantage of the current high share prices to raise cash for land bank acquisitions and investors continue to mop up the paper without too much hesitation.

YesterdayÆs transaction came as Shanghai Real Estate's shares are moving back up towards the record high of HK$2.73 reached on November 22. The share price tumbled 9.4% last Tuesday when the local market recorded its worst one-day loss in more than five years on the back of concerns that...
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