Money

China Resources Land mulls share sale

(Agencies)
Updated: 2010-08-05 13:19

China Resources Land Ltd has invited investment banks to underwrite a new share issue to raise about $700 million for the acquisition of projects from its parent company, a newspaper reported on Thursday.

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The Chinese property developer was considering raising funds through either new shares or debt but was more in favour of a share issue, the Ming Pao Daily said.

China Resources officials were not immediately available for comment.

The company said in a statement on Thursday that it was not aware of any reasons for the decrease in its share price on Wednesday and there was no price-sensitive disclosable information.

Rival developer Poly (Hong Kong) Investments Ltd plans to raise HK$3.46 billion ($445 million) from a share sale to fund investments including additions to its land bank, while Country Garden Holdings Co Ltd plans a $400 million notes issue due in 2015 to fund projects.