By Ben Otto
China Resources Land Ltd. (1109.HK) fell as much as 7.6% Tuesday following news that the China-focused property developer intends to place existing shares at a discount to its last closing price.
The company lost as much as 19.06 billion Hong Kong dollars (US$2.43 billion) in market capitalization in the morning trade.
Earlier in the day, China Resources announced it intends to raise HK$6.73 billion in a share placement of 200 million existing shares, pricing the shares at a 6.9% discount to their Monday closing price.
China Resources Land says it intends to use proceeds from the placement to fund land acquisition and development.
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