Chinese Developers Rush to Sell Shares Under Policy Easing
Fifteen Chinese publicly traded property developers disclosed plans to sell new shares since China’s securities regulator eased restrictions on equity financing for the ailing industry. The developers said they would use proceeds to complete construction of projects, replenish liquidity and repay debts.
The issuers include Shimao Group Holdings Ltd. (600823.SH), China Vanke Co. Ltd. (000002.SZ), Zhuhai Huafa Industrial Holdings Co. Ltd. (600325.SH), China Fortune Land Development Co. Ltd. (600340.SH), Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. (600663.SH) and China Merchants Shekou Industrial Zone Holdings Co. Ltd.
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