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Sundy joins builders’ refinancing trend
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Sundy Land Investment Co, a Hangzhou-based property developer, said it plans to raise 1.5 billion yuan (US$243 million), a sign that the Chinese government may begin to ease property curbs by lifting the ban on refinancing by listed developers.
China suspended refinancing plans of listed property developers in 2009 amid an overheated housing market.
Sundy plans a private placement of 312.5 million new shares to fund two housing projects in Hangzhou and Nanjing, and to supplement liquidity, it said in a filing to the Shanghai Stock Exchange yesterday.
Sundy shares surged 7.6 percent to 5.68 yuan.
A slew of developers have unveiled refinancing plans this month.
Last Friday, another Hangzhou-based developer Xinhu Zhongbao Co announced plans to raise as much as 5.5 billion yuan to finance two housing projects in Shanghai.
China Merchants Property Development Co, the country’s third-biggest developer by market value, plans to sell shares to buy assets, according to a filing to the Shenzhen Stock Exchange on Tuesday.
“An orderly approval for developers’ refinancing plans will be the emerging trend for the market, which will encourage property firms to invest in government-supported projects that improve livelihood,” China Galaxy Securities Co said yesterday.
Speculation that property curbing measures will be relaxed has mounted amid China’s economic slowdown.
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