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Sunac shares plunge after China’s third largest developer plans to raise US$580 million from share placement


Sunac China Holdings slumped after it announced a HK$4.52 billion (US$580 million) share placement, as the mainland’s third largest developer tries to ring-fence itself from the debt crisis surrounding Chinese property companies.The Hong Kong-listed company will place 452 million shares at HK$10 per share, representing 9.1 per cent of its existing share capital. Half of the proceeds will be used repay loans, it said.Sunac’s move comes as investors are closely watching developers’ ability to…

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