Shares of Country Garden Holdings Co. 2007,
fell Wednesday, after the property developer said it is planning to launch a second share placement in as many months to refinance its offshore debt.
Country Garden said it is seeking to place 1.78 billion shares at HK$2.70 each to raise 4.81 billion Hong Kong dollars (US$618.5 million). The pricing is around a 15% discount to Tuesday’s closing price.
The Hong Kong-listed shares of China’s largest developer by contracted sales slid to as low as HK$2.76 on Wednesday morning, down 13% for the day and 60% in the year to date. Country Garden’s shares were trading around HK$1 at the end of October–as developers throughout China weathered a sharp downturn in the real-estate market due in large part to a government crackdown as well as a resurgence of Covid-19 and related restrictions–but nearly tripled in price by the end of November after