China Merchants Property Development said today it would launch a public share offer this week on the Shenzhen stock market, worth up to US$1.17 billion, to fund real estate projects, Reuters reported. The developer plans to raise up to US$869.6 million by issuing up to 450 million A-shares at RMB13.20 (US$1.93) to buy six pieces of land and invest in 14 further projects. The company did not say where it would make up the remaining US$300.4 million. China Merchants Property Development’s Shenzhen-listed A-shares have lost more than 50% of their value since February, when the company first mooted a new offer.