Poly Hong Kong Investment, the Hong Kong-listed arm of the China Poly Group Corporation, has raised HK$3.52 billion $457 million through a top-up placement. The property developer said it will use the money for future investment opportunities including increasing its landbank.
The offering received strong investor interest the book was covered one hour after opening on Wednesday morning and an upsize option was fully exercised. Investors were apparently not concerned about Beijing’s current efforts to clamp down on the country’s property market because the China Poly Group is a large-scale state-owned enterprise and it has already achieved its profit target, bankers involved with the deal said.
The base deal size...
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