Realty: Developer gets funds

(Shanghai Daily)
Updated: 2007-05-09 13:40

China Resources Land Ltd, a Hong Kong-based developer controlled by the Chinese government, raised HK$3.9 billion (US$501.9 million) from the sale of new shares, according to a pricing document sent to fund managers.

The company sold 400 million shares, or 10.7 percent of its enlarged share capital, at HK$9.81 apiece, according to the document. That represents a six percent discount to the stock's last closing price of HK$10.44 before it was suspended Monday afternoon.


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