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Placement to raise $253m
Chinese Estate Holdings yesterday announced a private placement of 240 million existing shares in its China concept spin-off Evergo China Holdings which would use the $253 million net proceeds for development of a luxury office project in Shanghai.
The placement price of $1.09 per share represents a discount of 7.6 per cent on Evergo China's closing share price of $1.18 on May 14, the last trading day before the stock was suspended.
The total development cost of the project has been estimated at US$245 million.
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