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Beijing Capital Devt to raise RMB 5 bln

Jan. 6, 2012 (China Knowledge) - Beijing Capital Development Co Ltd<600376>, a Beijing-based real estate developer, has received approval from National Association of Financial Market Institutional Investors to raise RMB 5 billion via a private placement to start an indemnificatory housing project.

Bank of Beijing Co Ltd<601169> and China Construction Bank<601939><0939> has been assigned as the joint lead underwriters for the offering.

The real estate project, which will be located in Beijing's Fengtai District with a land area of 100,000 square meters or a potential floor area of 360,000 sq m, will be started for Chinese low-income families, said the Shanghai-listed issuer without disclosing further details, including timetable and investment cost.

A Suzhou-based joint venture partly owned by Beijing Capital Development has won the bid for a piece of land in Suzhou, Jiangsu Province for RMB 905 million. On the 120,000-sq m site, residential properties will be built with a floor area ratio between 1.2 and 1.5.

Beijing Capital Development has also spent RMB 333 million to acquire a mixed-use plot in Shenyang, capital of Liaoning Province, sources reported.

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