ying-li-sells-new-shares-to-fund-chongqing-development

Ying Li sells new shares to fund Chongqing development

The Singapore-listed Chinese developer raises $111 million, while K-Reit Asia pockets $444 million from a rights issue that was oversubscribed despite a tight discount.

Ying Li International Real Estate, a Chinese property developer listed in Singapore, has raised S$154 million $111 million from a top-up placement of new shares that it will primarily put to work in a new integrated development project in Chongqing.

Aside from raising capital, the placement had the dual purpose of attracting more institutional shareholders. Ying Li never did an initial public offering as it obtained its listing through a reverse takeover in July last year and until now has been largely overlooked by the broader investment community.

The timing of the placement was well planned to take advantage of the current excitement surrounding the property development industry in Chongqing -- the most populous of...

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