China Vanke raises HK$7.8b in share sale

China Vanke raises HK$7.8b in share sale
29/03/2019 , by , in INTERNATIONAL

CHINA Vanke Co. sold HK$7.8 billion (S$1.34 billion) of shares to pay down overseas debt, highlighting the potential for a wave of equity raising by Chinese developers.

The sale at HK$29.68 per share represented a 5 per cent discount to Wednesday’s closing price, the company said on Thursday.

The stock surged as much as 7.5 per cent in Hong Kong.

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