China Vanke in rights issue

PUBLISHED : Friday, 27 June, 1997, 12:00am
UPDATED : Friday, 27 June, 1997, 12:00am

Property developer China Vanke is to launch a rights issue of B shares to raise up to $81 million. Proceeds will be used to fund mainland property projects, replenish its land bank and expand into premium gift manufacturing. The issue involves 19.29 million B shares, priced at $4.20 each, a 50.4 per cent discount to its close of $8.48 yesterday.