Tuesday, 25 August 2009 at 13:10
China Vanke Co., the nation’s biggest publicly listed property developer, declined to confirm or deny a Caijing Magazine report that it plans to raise 10 billion yuan ($1.46bn) in a share sale.
“We currently don’t have any information about this matter,” Vanke said today in an e-mailed statement. Caijing Magazine reported the share sale citing unidentified people familiar with the plans.
Vanke this month raised its target for new housing starts in 2009 by 45 per cent to 5.85 million square meters. The Shenzhen, southern China-based developer has spent 95 percent of the 10bn yuan it raised in an August 2007 sale of additional shares, Caijing Magazine reported.
The company’s property sales in July rose 65 percent from a year earlier to 5.12bn yuan, according to Vanke. Its sales for the first seven months rose 32 per cent to 35.9bn yuan.
Vanke’s shares fell 0.1 per cent to 11.33 yuan in Shenzhen today. China’s benchmark Shanghai Composite Index gained 1.1 per cent.
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