• Wed
  • Apr 16, 2014
  • Updated: 12:25pm

China Overseas outlines spending

PUBLISHED : Saturday, 18 January, 1997, 12:00am
UPDATED : Saturday, 18 January, 1997, 12:00am

China Overseas Land & Investment, the Hong Kong-listed arm of China's largest construction company, is to invest about 80 per cent of $1.52 billion raised from a recent cash call in housing and infrastructure projects.


The company said in a statement to Hong Kong stock exchange that it would invest $400 million in low-cost housing and $800 million in infrastructure.


No agreements regarding the projects were yet signed, it said.


The company stock remained unchanged at $4.05 yesterday on heavy trading with 450 million shares change hands.


The company cashed in on the 155 per cent jump in its share price in 12 months, raising $1.52 billion by placing 394 million shares to investors and a subscription by parent China State Construction Engineering Corp for the same number of shares at $3.875 each.


Chairman Sun Wenjie said the company would develop a balanced portfolio with 30 per cent of operating profit coming from infrastructure developments, 35 per cent from sales of properties, and 25 per cent from the construction sector by 2000.


Share

Login

SCMP.com Account

or