China's Shimao to raise $293 mln in share placement

SHANGHAI, July 14 (Reuters) - Chinese property developer Shimao Property (0813.HK) on Tuesday said its unit, Shanghai Shimao (600823.SS), will raise about 2 billion yuan ($293 million) by selling up to 150 million new shares in a placement.

The yuan-denominated A shares, to be sold privately to 10 institutional investors including mutual funds, brokerages and insurers, would be priced at least at 13.81 yuan each, the company said in a statement to the Hong Kong stock exchange.

The proceeds would be used to develop property projects in China, including the Qingdao Shiao Tower project, and to replenish working capital, it said.

The shares will be subject to a 12-month lock-up after which the Shanghai company will apply to the authorities to list them on the Shanghai Stock Exchange. ($1=6.832 Yuan) (Reporting by Melanie Lee; Editing by Chris Lewis)