19 August 2019

Huayuan Property eyes 1.6 bln yuan private placement, paper says

Huayuan Property Co. Ltd. (600743.CN) plans to raise up to 1.6 billion yuan (US$258.25 million) in a private placement to fund three projects in Beijing, Shanghai Securities News reported Tuesday, citing a company notice. The shares, which will not exceed 686.69 million, will be sold to no more than 10 companies, including controlling shareholder Beijing Huayuan Group Co. Ltd., which will buy between 70 million and 330 million shares to raise its stake to at least 36 percent. Huayuan Property, whose 2013 net profit rose 21.21 percent to 656 million yuan from the previous year, will also issue bonds worth up to 1.4 billion yuan for replenishing working capital, project construction and potential acquisitions, the report said.

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