China Aoyuan in $83 mln share sale - term sheet

HONG KONG, July 10 (Reuters) - Chinese real estate developer China Aoyuan Property Group Ltd (3883.HK) aims to sell up to HK$644 million (US$83 million) worth of new shares, raising capital to fund property acquisitions, according to a term sheet on Friday.

The developer will sell 360 million new shares to its chairman at a price between HK$1.73 and HK$1.79 each, with an option to issue a further 90.5 million shares, the term sheet said.

The issue price represents a discount of 9.1-12.2 percent to the closing price of HK$1.97 on Thursday. The shares were suspended on Friday.

The chairman will buy the new shares on completion of sales of the same amount of existing shares at the same price.

Morgan Stanley is handling the deal. (US$1=HK$7.75) (Reporting by Alison Lui; Editing by Jacqueline Wong)