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Beijing Capital Land's sale of Chinese project company's 51% stake lures 1 bid

Beijing Capital Land Ltd.'s public tender of its 51% stake in Capital Qinglv (Kunshan) Real Estate Co. Ltd. attracted a single 686.1 million yuan bid from Shanghai Lushangda Corporate Development Ltd.

The offered amount matches the reserve price set for the stake, which was marketed through the China Beijing Equity Exchange.

Capital Qinglv primarily owns three land parcels on the south bank of Wubao Lake in Kunshan, China, the property developer noted in an earlier filing.

Separately, Beijing Capital Land said it is aiming to raise about 2.55 billion yuan before expenses from its proposed issuance of 1,513,980,000 rights shares.

The Chinese developer added that it expects to net 2.49 billion yuan from the issuance, with the anticipated amount to used to partially repay the company's existing onshore and offshore debts.

As of Dec. 10, US$1 was equivalent to 7.03 Chinese yuan.