Slaughter and May advises Goldman Sachs on the HK$ 6.7 billion top-up placing by China Resources Land
Slaughter and May, Hong Kong, advised Goldman Sachs (Asia) L.L.C., as placing agent, in relation to the placing of 200 million existing shares in China Resources Land Limited (CR Land) held by CRH (Land) Limited and the subsequent top-up subscription of 200 million new shares in CR Land. The net proceeds of the top-up subscription were approximately HK$ 6.72 billion (US$ 858.1 million) and will be used mainly for land acquisition and development.
CR Land is the real estate flagship under China Resources Group, having been listed on the Hong Kong Stock Exchange since 1996 and become one of the Hang Seng Index constituent stocks since 2010. It is primarily engaged in the development of properties for sale, property investments and management, hotel operations and the provision of construction, decoration services and other property development related services in the PRC.