China Developer Greenland Raises RMB11.7 Billion from Five Private Equity Investors (Asia)

Source: The Wall Street Journal  |  Author(s): Esther Fung

Chinese state-owned conglomerate Greenland Holding Group has raised a total of RMB11.7 billion (approximately US$1.9 billion) from five private equity investors by issuing 2.09 billion additional shares. The two largest investors were Shenzhen Ping An Innovation Capital, China Ping An Trust & Investment Company’s principal investment arm, which purchased 1.04 million shares for RMB5.8 billion (approximately US$948.6 million), and a subsidiary of alternative asset fund manager CDH Investments, which paid RMB2.5 billion (approximately US$408.9 million) for 444 million shares. The remaining investors include Ningbo Huisheng Fund, Zhuhai Puluo Fund and State Development and Investment Corporation Fund Management.