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Hengli Properties to Raise About HK$67 Million in Rights Offer to Cut Debt

Hengli Properties Development (Group) Ltd. said it will raise about HK$67 million through a rights offer of three new shares at 10 Hong Kong cents each for every five shares held.

The rights offer will be underwritten by substantial shareholder Chen Chang Wei, Henglis said in a filing to Hong Kong’s stock exchange today. The company said it plans to use the money to reduce debt and as “general working capital.”

The stock, suspended in Hong Kong since Sept. 30, will resume trading tomorrow.

To contact the editor responsible for this story: Joshua Fellman at jfellman@bloomberg.net

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