CIFI Holdings (Group) Co. Ltd. is set to receive net proceeds of about HK$1.91 billion from its issuance of additional shares to Ping An Insurance (Group) Co. of China Ltd.

The issuance of 545 million shares priced at HK$3.50 apiece was completed Aug. 10, and boosted Ping An's stake in the developer to 9.93% from 2.88%.

CIFI said it intends to use the net proceeds from the subscription for development purposes and/or general working capital.

Ping An of China Securities (Hong Kong) Co. Ltd. and Credit Suisse (Hong Kong) Ltd. acted as placing agents for the insurer.