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Country Garden sells shares in Hong Kong

(China Daily)
Updated: 2007-03-30 14:51

Country Garden Holdings Co, a mainland Chinese property developer set to double its profit this year, may raise as much as HK$12.9 billion (US$1.65 billion) from its first public share sale.

Country Garden will sell 2.4 billion new shares, equivalent to a 15-percent stake, at a range of HK$4.18 to HK$5.38 apiece, according to a sales document.

The Guangdong Province-based firm, China's largest developer by operating income in 2005, is raising capital for existing projects and to buy new sites, it said.