Nov 16, 2022 05:32 AM

FINANCE

Country Garden Plans $494 Million Share Placement

By Wang Jing and Han Wei

Country Garden is one of the few Chinese private property enterprises that have managed to avoid default as a liquidity crunch wracked the sector since last year.

Country Garden is one of the few Chinese private property enterprises that have managed to avoid default as a liquidity crunch wracked the sector since last year.

Country Garden Holdings Co., China’s largest property developer by sales, plans to raise HK$3.87 billion ($494 million) through new share sales as government support measures boost real estate stocks.

Country Garden will place 1.46 billion shares at HK$2.68 apiece, according to an exchange filing Tuesday. The placement represents 5.66% of Country Garden’s expanded share capital.

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