Big China developers to issue shares as market picks up

China Vanke Co will raise US$499mil (RM2.23bil) in a Hong Kong share placement, its first in the Asian financial hub since 2020. — Bloomberg

BEIJING: Two of China’s biggest real estate developers confirmed plans to raise cash by selling shares, the latest sign that financing conditions for the embattled industry are improving.

China Vanke Co will raise US$499mil (RM2.23bil) in a Hong Kong share placement, its first in the Asian financial hub since 2020. State-run Poly Developments & Holdings Group Co said the Shanghai stock exchange is reviewing its plans announced in December for an onshore private share sale of as much as 12.5 billion yuan (RM8bil).