Laisun gets funding for Zuhai project

Business | Stella Zhai 21 Jan 2020

Mainland Zhuhai Da Hengqin Real Estate is to invest 948 million yuan (HK$1.07 billion) in Laisun Creative Culture under Winfield Concept, an indirect subsidiary of each of Lai Sun Garment (0191), Lai Sun Development (0488), eSun (0571) and Lai Fung (1125).

Laisun Creative Culture is principally engaged in the design, development, and operation of Novotown Phase I, an integrated tourism and entertainment project in Hengqin, Zhuhai City of Guangdong province, with a total gross floor area of 2.8 million square feet.

Upon completion of the subscription, Laisun Creative Culture will be held as to 83.32 percent by Winfield Concept and approximately 16.68 percent by the investor, according to a statement made by the companies.

More mainland developers are raising their capital, with the latest being Shimao Property (0813), which intends to raise over HK$4.6 billion by offering 158 million shares at HK$29.58, making up around 4.57 percent of the issued share capital after the placement. This came after Sunac China (1918), Longfor Group (0960) and Seazen Group (1030) announced share placements to raise a total of over HK$13.8 billion earlier this month.

Longfor Group also sold nine more units of Upper RiverBank in Kai Tak, jointly developed by Longfor and KWG (1813), last Sunday.

In other news, Shanghai-based SRE Group (1207) announced that China's Public Security Bureau has imposed measures on Peng Xinkuang, an executive director, the chairman of the board of directors and the chief executive officer of the company. Meanwhile, Grand Ming (1271) announced plans to acquire a property development company in mainland Guangxi province at HK$18.8 million.

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