Sunac China formulates plan to raise funds

Chinese property developer Sunac China Holdings Ltd said on Thursday it planned to raise HK$4.52 billion (US580.09 million) from a share sale for repayment of loans and general corporate purposes. 

The Hong Kong-listed developer plans to sell 452 million new shares, or 8.3 percent of the enlarged share capital, to controlling shareholder Sunac International Investment Holdings, it said in a filing to the Hong Kong bourse. 

The new shares will be issued at HK$10 apiece, representing a 15.3 percent discount to Wednesday's closing price of HK$11.80 each. 

The controlling shareholder will buy the new shares after selling the same amount of existing shares at the same price to third-party investors. 

Morgan Stanley & Co. International plc is the placing agent. 

(Reuters)