CHINESE REAL ESTATE DEVELOPER GETS US$506 MLN CAPITAL INJECTION

Mon. June 30, 2008; Posted: 05:08 AM

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GUANGZHOU, Jun 30, 2008 (AsiaPulse via COMTEX) -- NDVLY | Quote | Chart | News | PowerRating -- Guangdong-based Evergrande Real Estate Group (SEHK:3333) has raised US$506 million through share expansion as of June 29 from a group of overseas investors.

Included were US$150 million by Zheng Yutong, president of Hong Kong-based New World Development Company, accounting for 3.9 per cent of the company's equity.

It is learned that the Hong Kong developer also invested 780 million yuan (US$113.67 million) in two projects of Evergrande Real Estate.

Of the company's 48 projects, three have been opened to other partners, including one in cooperation with Merrill Lynch.

Evergrande Real Estate said that the raised fund will be used mainly for payment of land leasing fees rather than banking loans, and the company plans to open more projects for potential partners.

(XIC)

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