Mainland property developer Hopson Development Holdings and an institutional investor in carmaker Dongfeng Motor Group are seeking to raise a total of up to HK$1.32 billion through share placements, people familiar with the transactions said. Hopson Development, one of the largest property developers in China, raised HK$996 million by selling 60 million new shares at HK$16.60 each, the top end of the deal's indicative range, one source said. The offered shares represented 4.9 per cent of Hopson Development's existing share capital and the company has agreed not to sell new shares over the next 60 days. The proceeds will help fund Hopson Development's residential property projects in China, according to the sale document obtained by fund managers. Credit Suisse is the sole arranger of the share sale. 'Investors remain bullish on the mainland property sector as they think the market is likely to stabilise after a series of tightening measures over the past months,' a source said. 'Some institutional investors are increasing their proportion of China plays in their equity portfolios because of the anticipated yuan appreciation.' Last month, US hedge fund Tiger Global Investment, a strategic investor in Hopson Development raised HK$812 million from selling a 4 per cent stake in the developer. Meanwhile, an institutional investor has appointed China International Capital Corp to arrange the sale of up to HK$355 million of Dongfeng shares after the market closed yesterday, sources said. The investor offered 95 million existing H shares at between HK$3.69 and HK$3.74 apiece to cash in HK$350 million to HK$355 million, according to the term sheet sent to fund managers. The shares represent a 2.6 per cent to 4 per cent discount to Dongfeng' closing of HK$3.84 yesterday. In July, another institutional investor in Dongfeng raised HK$355 million by selling 100 million shares through a private share sale. Analysts expect Dongfeng Motor to enjoy better earnings in coming years amid a healthy operating environment. 'Falling oil and raw material prices, more stable car prices and depleting inventory are supporting its profitability,' Citigroup said in recent report as it raised its target price for the stock to HK$3.95 from HK$3.70.