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New share deal propels developer to 5% surge
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SHARES of Country Garden Holdings Co rose nearly 5 percent in Hong Kong yesterday after the property developer said it would sell HK$6.3 billion (US$813 million) worth of new shares to the life insurance subsidiary of Ping An Insurance (Group) Co to improve project development.
Guangdong-based Country Garden said it would issue 2.24 billion new shares, or 9.9 percent of its enlarged holding, at HK$2.816 each, 10 percent lower than its HK$3.13 closing price on Tuesday before it suspended trading, according to a filing to the Hong Kong stock exchange late on Wednesday.
Under the deal, Country Garden could receive financial support from Ping An while the insurer may have better access to residents of Country Garden projects as the two partners cooperate strategically.
“The two companies could collaborate on the development of over 200 existing projects and resources of over 350,000 households in these projects,” Country Garden said in the filing.
Country Garden rose 4.8 percent to HK$3.28 yesterday, the biggest gain since January 2. They outshone the 0.77 percent rise of the Hang Seng Index.
Ping An yesterday fell 1.38 percent in Hong Kong and 1.43 percent in Shanghai.
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