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Country Garden Holdings Co Ltd has approved the issuance of 135.6 million new shares at an issue price of HKD 0.40 per share under its existing general mandate. The shares were issued to facilitate work fee arrangements and were allotted shortly before the announcement. The transaction does not involve a public offer and falls within previously approved limits. The move comes as the Chinese property developer continues to manage liquidity challenges through measures such as capital restructuring, asset sales, and alternative settlement mechanisms amid a weak real estate market.
Country Garden Holdings Co Ltd has approved the issuance of 135.6 million new shares under its existing general mandate, according to a regulatory filing released in the past week. The shares will be issued at a price of HKD 0.40 per share. Advertisement
The company stated that the share issuance was completed to facilitate work fee arrangements. The shares were allotted shortly before the disclosure, reflecting an internal resolution by the board. The move does not involve a public offering and is being carried out within the limits already approved by shareholders.
Country Garden, one of China's largest property developers by contracted sales in earlier years, has relied on various capital management measures as it continues to manage liquidity pressures amid a prolonged downturn in China's real estate sector. In recent quarters, the company has taken steps including asset disposals, extensions of debt maturities, and non-cash settlement arrangements to meet obligations.
The latest share issue forms part of these broader efforts and increases the company's total issued share capital. The firm did not disclose further details on the recipients of the shares or the accounting treatment of the work fee arrangements.
Source Reuters
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