[photopress:chinastockexchange.jpg,full,alignright]Chinese property developer Beijing North Star has started selling A shares worth up to RMB3.6 billion ($453 million) to fund its investment in projects for the Beijing Olympics.
The company said in a statement to the Shanghai Stock Exchange (shown here in this slightly frightening picture) it will issue as many as 1.5 billion shares in its Shanghai initial public offering.
Funds raised from the public offering will help finance the construction of the Olympic Media Village and the Beijing North Star Building, the company said in its prospectus. The company said that the two projects require a total investment of over RMB3.3 billion yuan ($412.5 million).
He Jiangchuan, general manager of Beijing North Star, said earlier this year that the company required at least RMB14 billion ($1.75 billion) for its work over the next three to five years.
The property developer registered a 48 percent year-on-year growth in its first-half profit. Its net income increased to RMB182 million yuan ($22.8 million) from RMB123 million ($15.4 million) a year ago. The company said that the rapid growth was due to higher sales and improved cost control.
Source: China Daily