Кyiv, 17 march - SV Development. Risesun Real Estate Development Co Ltd, a company engaged in property development, architectural design and hotel operation, plans to raise RMB 1.2 billion by issuing up to 150 million shares through private placement, sources reported.

Risesun Real Estate plans to sell the shares at not less than RMB 6.81 apiece. The proceeds from the private placement will be used to finance three property projects in Shijiangzhuang, Xuzhou and Bangbu.

The Arcadia project in Shijiangzhuang, Heibei Province covers an area of 66,000 square meters (sq m) and has potential floor area of 280,200 sq m. The company had invested RMB 459 million in the project by the end of last year.

In Xuzhou, Jiangsu Province, the Shenzhen-listed firm has injected RMB 135 million in the Arcadia project, which covers 75,200 sq m and has potential floor area of 210,600 sq m. 

With potential floor area of 238,000 sq m, the Arcadia mixed-use building, located in Bangbu, Anhui Province, is scheduled for completion in December this year. The available area for residential and commercial tenants will be 168,000 sq m and 21,200 sq m, respectively, sources reported.

SV Development