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SINGAPORE: Mainboard-listed real estate firm Ying Li said on Wednesday it has successfully placed out 253.2 million new shares to raise about S$154 million.
Each new share was priced at 61 cents, which is a discount of about 15 per cent to the volume weighted average price of 72.17 cents.
Ying Li said the placement to institutional investors drew strong interest with participation from quality international funds. It added that the placement is expected to increase its trading liquidity.
Funds raised will be used mainly for the development of its Da Ping project and the balance will be used for general working capital purposes.
The Da Ping project is an integrated development site of over 303,000 square feet and is located in Chongqing's prime Yuzhong District.
It has a planned total gross floor area of some 4 million square feet, comprising high-end residential units, top-end retailers and potentially a high-end hotel or serviced residence operator.
The project is expected to be fully completed by 2013.
- 938LIVE/so
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