Bain-backed Sunac drops on share-sale plan
Sunac China Holdings, a Hong Kong-listed Chinese property developer backed by Bain Capital, suffered from the biggest drop since March after announcing plans to sell HK$2 billion ($248 million) worth of shares.
According to a regulatory filing, the Chinese developer is looking to position 300 million shares at HK$6.7 apiece. The proceeds will be used for working and development capital. The shares dropped 7.5% to HK$6.65 at the close of Tuesday's trading after the announcement.
In September 2009, Bain teamed up with Deutsche Bank to invest $97 million in Sunac. Last November, the private equity firm raised $69.67 million by selling a portion of its shares at $4.5 apiece. Its shareholding in the company dropped to 6% from the original 10%.
In the same month, CDH Investments was said to have exited its 130 million shares in the Chinese real estate developer at HK$4.33 apiece, raising $73 million.
Sunac currently has projects in the Bohai Rim area, south Jiangsu province and the Chengdu-Chongqing region. These developments cover high-rise and mid-rise residences, detached villas, retail properties, offices and parking spaces.
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