The China Securities Regulatory Commission approved a real estate developer's onshore share sales to raise 8.5 billion yuan (~$1.2B).

 

The China Securities Regulatory Commission approved a real estate developer's onshore share sales to raise 8.5 billion yuan (~$1.2B).  The securities watchdog relaxed the multi-year ban on equity fundraising last year in a bid to revive the real estate industry.  The developer, China Merchants Shekou Industrial Zone Holdings, had disclosed plans to sell shares to companies owned by the Shenzhen municipal government last year.  The nation's sixth-largest developer, in terms of sales this year, intends to use the funds for existing property projects and debt repayments.  China restricted equity fundraising in 2015 to stop real estate companies from accumulating cash to buy up land.  According to Bloomberg, five more property developers are planning for similar fundraising.