China Approves First Share Sale by Developer Since Ban Lifted

(Bloomberg) — China’s securities watchdog approved an onshore share sale by a real estate developer for the first time since rules were eased late last year, raising hopes for the revival of a major fundraising channel as a housing recovery falters.

China Merchants Shekou Industrial Zone Holdings Co. received approval from the China Securities Regulatory Commission to raise as much as 8.5 billion yuan ($1.2 billion) in a private placement, the state-owned company said Saturday in a stock exchange filing.