Red-chip China Overseas Land & Investment is raising $387.45 million through a new share sale to finance existing property projects.
The new shares in the mainland-backed property developer were priced at $1.23 each, an 8.9 per cent discount to their last traded price on Friday.
The placement represents the latest round of cash calls by red-chip companies, which have raised $2.74 billion through new share sales since the start of last month.
China Overseas said the proceeds of the share sale would be used to finance existing property developments and as working capital.
It said the company had appointed ING Barings as the agent to place 315 million existing shares to independent investors.
Controlling shareholder China Overseas Holdings has agreed to subscribe to the same amount of new shares at the same price.
