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China Resources Land to net HK$6.72B from major shareholder's sale, subscription

China Resources Land Ltd. expects to net approximately HK$6.72 billion from a two-part transaction that involves a share sale by its major shareholder and the company's placement of new shares.

China Resources Land's major shareholder CRH (Land) Ltd. is selling 200,000,000 shares, or 2.9% of the developer's issued share capital, at HK$33.65 per share to at least six institutional or professional investors.

Immediately after the share sale, China Resources Land will issue the same amount of new shares at the same price back to CRH (Land), according to the developer's Oct. 22 release.

China Resources Land said it expects to net approximately HK$6.72 billion from the new-share placement to CRH (Land), most proceeds of which will be used in land acquisition and development. The transaction will also help China Resources Land to expand its shareholder base and issued share capital.

CRH (Land)'s stake in China Resources Land will fall to 59.55% from 61.27% after the entire transaction.

Goldman Sachs (Asia) LLC is the placing agent.