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China's Gemdale plans $600 mln share placement

Wed Apr 8, 2009 9:11pm EDT

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SHANGHAI, April 9 (Reuters) - Gemdale Corp (600383.SS), a leading Chinese property developer, said on Thursday it planned to issue 4.1 billion yuan ($600 million) worth of new shares in a private placement to boost funds in its six property projects.

Some property agencies and analysts have said that housing markets in parts of China had rebounded and predicted prices will stablise, lifting developers' enthusiasm after a slowdown in China's property market last year.

Gemdale said it planned to issue up to 400 million shares to up to 10 investors to raise funds for six property projects in five major Chinese cities. The additional shares will be priced at no less than 9.22 yuan apiece, the company said. ($1=6.835 Yuan) (Reporting by Alfred Cang)



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