A $701 million block of existing shares of Shimao Property changed hands after the market closed on Friday as part of a partial top-up placement. The transaction, which accounted for 9.5% of the company and was completed at a 5.1% discount to the closing price, allowed the chairman to monetise part of the large share price gains since the listing and the company to raise fresh funds for further land bank acquisitions.
The chairman sold 305.8 million existing shares through his wholly-owned holding company Gemfair and will later buy 218.5 million new shares issued by Shimao at the same price, allowing the Mainland developer to reap about $500.8 million from the placement.
The shares were...
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