By Ben Otto
China Resources Land Ltd. (1109.HK) is planning to raise 6.73 billion Hong Kong dollars (US$858.1 million) via a share placement.
The China-focused property developer is seeking to place 200 million existing shares at HK$33.65 each, it said in a filing to the Hong Kong stock exchange on Tuesday.
It aims to use the proceeds from the placement primarily for the acquisition and development of land.
The placement price is at a roughly 6.9% discount to Monday's closing price of HK$36.15. Goldman Sachs is acting as agent for the placement.
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(END) Dow Jones Newswires
October 21, 2019 21:05 ET (01:05 GMT)Copyright (c) 2019 Dow Jones & Company, Inc.