Sunac raises $259 million from top-up placement

Hong Kong-listed Sunac China Holdings last night raised HK$2.01 billion $259 million from a top-up placement, making it the second Chinese property developer to tap the equity capital markets in less than a week.

The desire to raise equity comes after a rally in Chinese property stocks during the past couple of months on the back of a more optimistic outlook for the Chinese economy and a recovery in property prices, particularly in the bigger cities. Sunac has gained 20% since the start of the year and closed at a record high of HK$7.19 yesterday. It is up 51% since late November when private equity firms CDH and...