Joy City in HK$6.36bn rights issue

Joy City Property, Cofco Group’s real estate business, aims to raise up to HK$6.36 billion $820 million in a rights issue to help pay down the December acquisition of Joy City Malls.

Some 4.74 billion shares in Joy City Property will be offered at HK$1.35 per unit on the basis of one share for every two existing shares, according to an announcement on the company’s website.

The offer period will last until March 17 and only be made available to qualified existing shareholders. If the rights issue is fully subscribed, the total amount raised will be used to pay down the outstanding HK...