China's Biggest Listed Developer Aims for $4.7B in Private Share Placement
Greenland Holdings, China’s biggest listed developer, is looking to raise up to $4.7B in a private share placement.
The Shanghai-based developer—also one of the largest in the world—plans to issue up to 2.08 billion shares at a price equal to or greater than 14.51 yuan per share, Bloomberg reports.
Since 2013, Greenland has invested about $20B invested in overseas development projects, including a $4.9B, 70% stake acquisition in Forest City Ratner’s massive Pacific Park Brooklyn development.
Greenland will use the proceeds for property placement and debt payment, specifically to repay 9B yuan (about $1.4B) in bank loans and to invest in two of the company’s projects in the areas of Wuhan and Hefei.
Shares have been suspended from trading since Nov. 19, but will resume trading this Wednesday. [Bloomberg]