CSRC grants approval for developers' refinancing
By Hu Yuanyuan (chinadaily.com.cn) Updated: 2014-03-20 17:01Two Chinese listed developers received approval on Wednesday from the China Securities Regulatory Commission to launch refinancing projects, Securities Daily reported.
Join-In Holding Co Ltd, a Shanghai-listed property developer, said in a statement to the stock exchange that it would raise no more than 1.71 billion yuan ($275 million) through private placement, with the price no lower than 9.53 yuan per share. The money raised, it said, will fuel the development and operation of a real estate project in Xuzhou, Jiangsu province.
Shenzhen-listed property developer TB Infrastructure plans to raise 1.55 billion yuan for the development of three projects in Tianjin.
The move, industry insiders said, is a signal the government is letting the market play a bigger role in adjusting the real estate market.
A total of five property developers have launched refinancing projects this year.
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