CORRECTED-Chinese developer Longfor plans up to $400 mln stock sale - IFR

Tue Sep 18, 2012 9:44am EDT

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(Corrects size of offering to $400 million from $635 million, removes reference to number of shares)

HONG KONG, Sept 18 (Reuters) - Longfor Properties, one of China's top-ten developers by sales, plans to raise up to $400 million in a share sale to fund land acquisition and day-to-day expenses, IFR reported on Tuesday.

The company is offering the shares in a range of HK$11.88 to HK$12.38 each, said IFR, a Thomson Reuters publication. The deal represents a discount of 4 percent to 7.9 percent to Tuesday's closing price of HK$12.9.

After more than two years of home purchase restrictions by China's central government, Chinese developers have been all but locked out of equity markets.

Citigroup and Goldman Sachs were hired to manage the offering. (Reporting by Jing Song of IFR; Writing by Elzio Barreto; Editing by Muralikumar Anantharaman) (elzio.barreto@thomsonreuters.com; 852 2843-1608; Reuters Messaging: elzio.barreto.thomsonreuters.com@reuters.net)

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