Country Garden Services to Raise $1 Billion in Placement

Property management company Country Garden Services Holdings Co. is looking to raise HK$8 billion ($1.03 billion) through a share sale, the latest Chinese real estate firm to tap equity markets amid a liquidity crunch engulfing the sector.

Country Garden Services will sell 150 million shares at HK$53.35 each, a 9.5% discount to Wednesday’s closing price of HK$58.95, according to terms of the deal obtained by Bloomberg News. The funds will be used for future acquisition opportunities, new business development and general corporate purposes, the terms show.