Shanghai-based property developer Greenland Group will introduce new investors through an 11.8 billion yuan (US$1.9 billion) fundraising plan prior to a group listing, the Shanghai Securities News reported Thursday, citing a statement to the Shanghai Equity Exchange. The company will issue 2.1 billion new shares to new non-state investors. Domestic private equity firm CDH Investments has shown interest in taking a stake in the property company, the paper said. After the fundraising, state shareholding in the company will fall to below half, it said. Greenland aims to complete group listing in five years, the first time the firm has set a specific timetable since reports that it is eyeing a backdoor listing via Shanghai Jinfeng Investment Co., Ltd. (600606.CN).
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