Property developer China Vanke raises nearly $500 million in share sale

Property developer China Vanke raises nearly $500 million in share sale
FILE PHOTO: A Vanke sign is seen above workers working at the construction site of a residential building in Dalian, Liaoning province, China September 16, 2019. REUTERS/Stringer

SYDNEY : China Vanke Ltd said on Thursday it had raised $498.2 million by selling 300 million shares at HK$13.05 ($1.66) each, in the first test of investor appetite towards a mainland developer share sale in 2023.

The Hong Kong share placement was launched on Wednesday in a price range between HK$12.93 to HK$13.20 per share, according to the deal’s term sheets reviewed by Reuters.

Vanke said the final price was a 6.12 per cent discount to the stock’s closing price on Wednesday of HK$13.90.

 

 

Source: Reuters