Future LandDevelopment Holdings Ltd. said March 25 that it gained approvalfrom shareholders for its unit's proposed issuance of new shares.

Shanghai-listed Future Land Holdings Co. Ltd.'s issuance involvesno more than 407,166,124 new shares through a nonpublic offering to up to 10placees, including Wealth Zone Development Co. Ltd., an existingshareholder of Future Land Holdings and a subsidiary of Future Land Development.

Future Land Holdings shareholders approved the proposedissuance during an extraordinary general meeting on March 25.

It plans to raise up to 5 billion Chinese yuan from theissuance of new shares, with proceeds slated to be used for working capital andits Jinan Future France, Shengzhou Injoy Plaza, Quzhou Injoy Plaza, HaikouInjoy Plaza and Ningbo Injoy Plaza projects, according to a previous .

As of March 25, US$1was equivalent to 6.51 Chinese yuan.