Country Garden raises $400 million from share placement

Country Garden last night raised about HK$3.1 billion $400 million from a placement of new shares, grabbing the first market window after it reported strong full-year earnings on Tuesday. The quick move means it was able to tap the market ahead of a number of other Hong Kong-listed Chinese developers that are said to be looking to raise new equity this year.

The deal attracted a lot of interest and joint bookrunners Goldman Sachs and J.P. Morgan were able to fix the price at the mid-point of the range for a discount of 8% versus yesterday’s closing price.

Part of the sale was linked to the...