Insurer China Life, Nan Fung raise stake in Sino-Ocean Land for $808 mln
HONG KONG, Sept 29
HONG KONG, Sept 29 (Reuters) - Chinese property developer Sino-Ocean Land Holdings Limited has said it will issue $808 million worth of new shares to its two major shareholders, including insurer China Life, raising capital to fund development projects.
Sino-Ocean Land will issue 1.32 billion new shares to China Life Insurance Company Limited and privately owned property group Nan Fung Group at HK$4.74 each, representing a 1.72 percent premium to the previous close.
On completion of the deal, China Life's stake in the property firm will be increased to 29 percent from 24.71 percent. Nan Fung's stake will rise to 21 percent from 14.05 percent, the Hong Kong-listed property firm said in a filing to the Hong Kong bourse at the weekend.
(For the statement, click here)
China's new home prices rose at the fastest rate in at least 2-1/2 years in August, with some large cities rising around double the national pace, complicating government efforts to keep prices in check while supporting one of the stronger areas of the economy. (Reporting by Donny Kwok; Editing by Paul Tait)
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