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Longfor Properties to raise US$400 mln via rights issue

Sep. 19, 2012 (China Knowledge) - Longfor Properties Co Ltd<0960>, Chongqing's Hong Kong-listed property developer, has announced plans to raise around US$ 400 million via a rights issue, source reported.

The company will issue about 4.65% of the existing share capital at a price range between HK$11.88 and HK$12.38, a discount of 4% to 7.9% to its closing price of HK$12.9 on Tuesday.

Citigroup Inc and Goldman Sachs Group Inc have been hired to handle the deal.

Proceeds from the issue will be used to purchase land and replenish working capital.  

In the first six months of this year, Longfor Properties saw its contractual sales amounted to RMB 17.46 billion, accounted for 44.77% of its annual target of RMB 39 billion.

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