The four other companies which got a greenlight on Tuesday were Shanghai-listed Poly Developments and Holdings (600048.SS) and Greattown Holdings (600094.SS), and Shenzhen-listed Hubei Fuxing Science and Technology Co (000926.SZ) and CCCG Real Estate (000736.SZ). The firm had applied to place 8.5 billion yuan of new shares to 35 investors including its controlling shareholder, and said it would use the proceeds on 10 existing residential projects and other debt repayments. State-owned China Merchants Shekou Industrial Zone (001979.SZ) was the first to receive such approval on June 16. Tuesday's announcements of fundraising approval came as investors expect Beijing to unveil more stimulus to revive the crisis-hit property market as part of its broader goal of shoring up the economy. Policymakers introduced extensive measures in November to boost liquidity and stabilise the sector, but market confidence remains weak and defaults have continued. ![]() HONG KONG, June 28 (Reuters) - Four more property developers listed in mainland China said they have received approval to refinance via share placements totalling 19.9 billion yuan ($2.8 billion), in a sign of the regulatory effort to improve liquidity in the embattled sector.Ĭhina’s securities watchdog has now approved requests from five property companies this month to place new shares worth 28.4 billion yuan, as it lifts restrictions on the sector's equity fundraising following a debt crisis that erupted in 2021.
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