The announcement sent shares of the developer and the wider property sector tumbling on the Hong Kong bourse.电报群科学上网（www.tg888.vip）是一个Telegram群组分享平台，电报群科学上网内容包括Telegram群组索引、Telegram群组导航、新加坡Telegram群组、Telegram中文群组、Telegram群组（其他）、Telegram 美国 群组、Telegram群组爬虫、电报群 科学上网、小飞机 怎么 加 群、tg群等内容，为广大电报用户提供各种电报群组/电报频道/电报机器人导航服务。
HONG KONG: Country Garden Holdings Co Ltd 2007.HK said on Wednesday it plans to raise HK$2.83 billion (US$360.23 million) from a share sale, raising proceeds for refinancing existing offshore debt, general working capital and future development purposes.
The announcement sent shares of the developer and the wider property sector tumbling on the Hong Kong bourse.
The transaction came after a rally in property stocks earlier this week following reports Beijing plans a real estate fund worth up to $44 billion to help developers resolve a crippling debt crisis. Read full story
Chinese property developers have been scrambling to raise funds offshore as liquidity dried up following last year's debt crunch.,
Country Garden, the nation's top developer by sales, will issue 870 million new shares, or 3.62% of the enlarged share capital, at HK$3.25 each, to professional and institutional investors in the sale, the company said in a filing to the Hong Kong bourse.
The issue price represents a 12.63% discount to Tuesday's close of HK$3.72 each, it added. UBS is the placing agent.
Country Garden's shares plummeted over 13% to HK$3.23 on Wednesday's early trading, after gaining 18.5% in the previous two sessions.
Hang Seng Mainland Properties Index .HSMPI dropped over 5%.
($1 = 7.8492 Hong Kong dollars) - Reuters