China Vanke plans $1.6b new share offering in flaccid market
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February 24th, 2010
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China Vanke, the clear s No. 2 property developer, plans to arise up to $1.6 billion via a new share offering amid a property revival, although the theme is likely to dent a rickety stock market.
A rebound in real property prices has bolstered developers earnings and spurred them to arise funds for new projects.
Worries roughly new share issues have weighed heavily on the stock market following a two-week, 20-percent glide earlier this month.
China s benchmark stock index initially slipped yesterday following Vanke s news, except afterward moved flanker into positive territory.
“The Vanke scheme has investors worried roughly more possible fund raising, and the step of IPOs isn t letting up, so confidence is waning in the fleeting term,” said analyst Wu Nan from Xiangcai Securities.
Two large IPOs were approved this month: a 6.4 billion yuan volunteer by China CNR and a 16.85 billion yuan IPO by Metallurgical Group of China. China State Construction Engineering Corp raised $7.3 billion last month, making it China s biggest listed developer.
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