Shui On Land raises $261 million from placement

Property developer Shui On Land yesterday announced that it had completed a top-up placement, raising HK$2.03 billion $261 million. This is the second Chinese property developer in as many weeks to raise capital through a sale of new shares.

A total of 418.6 million shares were placed into the market, which represents 10% of the existing issued ordinary share capital of the company and 9.1% of the enlarged share capital.

The shares were offered at a price ranging from HK$4.82 to HK$4.93, which was equivalent to a discount between 6% and 8% versus Wednesday's closing price of HK$5.24. The deal priced at the mid-point, at HK$4.87, for a...