Country Garden Holdings, China’s largest developer by sales, will place shares to raise HK$3.9 billion ($500 million), according to an exchange filing, reports Bloomberg.
The builder will issue 1.46 billion new shares at HK$2.68 each. Its Hong Kong-listed stock has soared 223% this month to rank as the second best-performing developer in a Bloomberg Intelligence China property index, as fresh property rescue measures and easing COVID controls raise hopes that the worst may be over for the world’s No. 2 economy.