Chinese property developers including Shanghai-headquartered Shimao Group have announced they will sell shares through private placements after regulators scrapped a decade-old ban on such deals.
The placements come as Beijing seeks to ease the credit crunch that has battered China’s real estate sector over the past year, stalling what was previously an important engine of growth for the world’s second-largest economy.
The China Securities Regulatory Commission announced on Monday it would end a ban on equity fundraising by listed property developers and would allow them to conduct mergers and acquisitions and corporate restructurings.
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