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Shimao pulls plan to sell shares via placement
By Cao Qian |
June 11, 2010, Friday
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Print Edition
Print Edition
SHANGHAI Shimao Co has shelved a private placement plan worth up to 1.7 billion yuan (US$249 million) after "the nation's significant policy changes in real estate industry," it said yesterday in a filing to the Shanghai Stock Exchange.
Shanghai Shimao said in August 2009 that it planned to raise as much as 1.7 billion yuan via the placement by selling as many as 150 million shares at not less than 13.81 yuan each to fund real estate development in four projects across the country.
The developer's shares fell 1.82 percent yesterday to close at 10.26 yuan.
The developer, a real estate subsidiary under Shimao Group, a conglomerate owned by Xu Rongmao, is the latest victim of an industry-wide crackdown by the central government since mid-April to rein in speculation in the country's overheated housing market.
On May 13, China Merchants Property Development Co canceled a private placement plan of 5 billion yuan as its share price plunged well below its target sale price.
Shanghai Shimao said in August 2009 that it planned to raise as much as 1.7 billion yuan via the placement by selling as many as 150 million shares at not less than 13.81 yuan each to fund real estate development in four projects across the country.
The developer's shares fell 1.82 percent yesterday to close at 10.26 yuan.
The developer, a real estate subsidiary under Shimao Group, a conglomerate owned by Xu Rongmao, is the latest victim of an industry-wide crackdown by the central government since mid-April to rein in speculation in the country's overheated housing market.
On May 13, China Merchants Property Development Co canceled a private placement plan of 5 billion yuan as its share price plunged well below its target sale price.
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