HONG KONG: Four more property developers listed in mainland China said they have received approval to refinance via share placements totalling 19.9 billion yuan (US$2.8 billion), in a sign of the regulatory effort to improve liquidity in the embattled sector. China’s securities watchdog has now approved
HONG KONG: Four more property developers listed in mainland China said they have received approval to refinance via share placements totalling 19.9 billion yuan , in a sign of the regulatory effort to improve liquidity in the embattled sector.
Policymakers introduced extensive measures in November to boost liquidity and stabilise the sector, but market confidence remains weak and defaults have continued.as part of its broader goal of shoring up the economy.The firm had applied to place 8.5 billion yuan of new shares to 35 investors including its controlling shareholder, and said it would use the proceeds on 10 existing residential projects and other debt repayments.
"If the placements are successfully completed, it will help to improve the firm's cashflow, and restore investment expectations on the market," said Yan Yuejin, research director at E-House China R&D Institute.
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