Property developer Sunac China plans $580m share sale to repay loans

Sunac China Holdings Ltd logo is seen during an exhibition in Hangzhou, Zhejiang province, China, May 25, 2015. China Daily/via REUTERS

Chinese property developer Sunac China Holdings Ltd said on Thursday it planned to raise HK$4.52 billion ($580.09 million) from a share sale for repayment of loans and general corporate purposes.

The Hong Kong-listed developer plans to sell 452 million new shares, or 8.3% of the enlarged share capital, to controlling shareholder Sunac International Investment Holdings, it said in a filing to the Hong Kong bourse.

The new shares will be issued at HK$10 apiece, representing a 15.3% discount to Wednesday’s closing price of HK$11.80 each.

The controlling shareholder will buy the new shares after selling the same amount of existing shares at the same price to third-party investors.

Morgan Stanley & Co. International plc is the placing agent.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.