Poly Real Estate sets 10.6b yuan target

PUBLISHED : Saturday, 26 March, 2011, 12:00am
UPDATED : Saturday, 26 March, 2011, 12:00am

Mainland developer Poly Real Estate Group announced plans to raise up to 10.6 billion yuan (HK$12.58 billion) through a private share placement. The figure is about 15 per cent below the company's target set last year, according to Bloomberg. The Shanghai-listed developer yesterday said it planned to sell up to 910 million shares for at least 11.6 yuan each. 'Sentiment is still relatively negative on the back of all the tightening news,' said Lee Wee Liat, head of regional property at Samsung Securities (Asia).