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Article: CHINA STOCK MARKET CHALLENGED BY REFINANCING, IPO
- Article from:
- AsiaInfo Services
- Article date:
- September 16, 2009
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AsiaInfo Services
09-16-2009
China Stock Market Challenged by Refinancing, IPO
SHENZHEN, Sep 16, 2009 (SinoCast Daily Business Beat via COMTEX) -- China Vanke Co., Ltd. (SZSE: 000002), the nation's biggest real estate developer, gained shareholder approval for a CNY 11.2 billion refinancing plan on September 15.
The plan was unveiled last month and according to it, the company plans to raise a net of not more than CNY 11.2 billion via issuing about 870 million shares, accounting for at most eight percent of the current capital stock. Of the proceeds, CNY 9.2 billion will be used to fuel construction of 14 residential projects, and the remainder will be used to replenish current capital.
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