China Property Developers Rush to Raise Funds After Shares Jump

Cranes at construction sites in the Lingang Special Area and Comprehensive Zone in Shanghai on Sept. 3. Photo: Bloomberg

(Bloomberg) — Agile Group Holdings Ltd. became the second Chinese property developer in as many days to announce capital raising plans as investors piled into the industry’s shares.

Agile is selling stock at an 18% discount to raise HK$783 million ($100 million) via a top-up placement. Some of the proceeds will be used to repay debt, it said. Country Garden Holdings Co. Ltd. on Tuesday said it will raise HK$3.9 billion.