As many as 10,000 new flats may become available for sale in the fourth quarter in Hong Kong, after Carrie Lam Cheng Yuet-ngor, the city’s leader, unveils a widely expected blueprint for increasing land supply on October 6.
Country Garden Services seeks US$1 billion from stock placement with eyes on acquisition opportunities Lam Ka-sing kasing.lam@scmp.com The property management arm of mainland developer Country Garden has seen profits rise to 1.3 billion yuan for the first half ended June, from 816.9 million yuan a year earlier. Photo: Reuters
Country Garden Services Holdings, the property management arm of mainland Chinese developer Country Garden, plans to raise HK$7.78 billion (US$1 billion) from the sale of new shares, which it plans to use to fund potential mergers and acquisitions.
The company is placing 173 million shares at HK$45 each, according to an exchange filing on Friday. The price represents a 9.5 per cent discount to the closing price on Thursday. It appointed China International Capital Corp, JPMorgan Chase and UBS to arrange the placement.