Green developer Landsea courts investors with deep pockets
Leading green developer plans to scale up its operations by issuing shares to financial firms
Hong Kong-listed mainland developer Landsea Green Properties is negotiating with mainland financial firms with a view to introducing them as strategic investors via issuance of additional shares, chairman Tian Ming said yesterday, without giving a specific timetable.
The mainland's leading builder of environmentally friendly housing, Landsea listed in Hong Kong last year via the acquisition of a shell company. It will finish its transitional period by the middle of next year.
It is part of a wave of backdoor listings in Hong Kong in recent years by mainland developers, including Wanda and Greenland, seeking cheap funding in the global capital market.
"We plan to select some big financial institutions as our strategic investors," Tian said. "They all have a mainland background. We are still in talks."
We plan to select big financial institutions as our strategic investors
"We want to scale up our property business via this listed platform," he added. "We will help it buy land plots, issue new shares to introduce strategic investors, and also sell bonds."
Landsea bought a 67,600 square metre site in Wuxi, Jiangsu, on Monday for 173 million yuan (HK$217 million). This year it has also bought two parcels of land in Nanjing, two in Suzhou and one in Shanghai.