shui-on-land-raises-261-million-from-placement

Shui On Land raises $261 million from placement

Just one week after the Hopson deal, another Chinese property developer taps the equity market for capital.

Property developer Shui On Land yesterday announced that it had completed a top-up placement, raising HK$2.03 billion $261 million. This is the second Chinese property developer in as many weeks to raise capital through a sale of new shares.

A total of 418.6 million shares were placed into the market, which represents 10% of the existing issued ordinary share capital of the company and 9.1% of the enlarged share capital.

The shares were offered at a price ranging from HK$4.82 to HK$4.93, which was equivalent to a discount between 6% and 8% versus Wednesday's closing price of HK$5.24. The deal priced at the mid-point, at HK$4.87, for a...

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