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China's Poly gets nod for up to $1.2 bln shr placement plan

Tue Mar 10, 2009 8:06pm EDT

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SHANGHAI, March 11 (Reuters) - Chinese developer Poly Real Estate Group Co (600048.SS) said on Wednesday it has won shareholder approval for a share placement plan of up to 8 billion yuan ($1.17 billion).

The new shares will be issued to no more than 10 select investors, including Poly's parent, and proceeds will be used to fund eight property projects, it added.

Shareholders also approved Poly's plan to invest a total of 21.5 billion yuan in real estate in 2009, it added. ($1=6.841 Yuan) (Reporting by Fang Yan; Editing by Ken Wills)



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