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Shanghai Industrial to Finance CNY4.2bn for Real Estate

Posted on: Fri, 27 Nov 2009 06:09:00 EST

Symbols: SPSCF

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SHANGHAI, Nov 27, 2009 (SinoCast Daily Business Beat via COMTEX) --
SPSCF | Quote | Chart | News | PowerRating -- Shanghai-based real estate developer Shanghai Industrial Development Co., Ltd. (SHSE: 600748) announced on November 26 that it would issue not more than 300 million shares to not more than ten selected investors in a private placement.

The offering price will be not less than CNY 14.43 per share. The net proceeds, estimated at CNY 4.2 billion at most, will be injected into its four property projects, separately located in Qingdao of Shandong Pronvice, Shanghai, and Huzhou of Zhejiang Province.

The Shanghai-listed real estate developer predicted that the four projects would need a total investment of over CNY 9.89 billion. The after-tax profit from them is forecast to amount to over CNY 2.5 billion.

In addition, the investment in the Qingdao international beer city will reach CNY 5.043 billion, that in the Zhujiajiao peculiar residential zone CNY 3.636 billion, that in the Huzhou holiday hotel CNY 871 million, and that in the Huzhou Hujun garden project CNY 345 million, said sources.

Source: www.hexun.com (November 27, 2009)

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