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Chinanews, Shanghai, April 4 - Country Garden, one of the biggest real estate enterprises in China, released 2.4 billion stock shares in Hong Kong on April 4, at a price of 4.18 to 5.38 HK dollars each. It is estimated that as much as 12.9 billion HK dollars might be collected after the fund raising. That is to say, Yang Huiyan, a major shareholder1 of Country Garden with 59.5% of shares after listing on April 20, might become the richest person in the Chinese mainland, exceeding Zhang Yin.
Country Garden was founded in 1992 in Shunde of Guangdong Province, by Yang Guoqiang, its current president. Yang Guoqiang used to be the biggest shareholder of the company. He transferred the ownership of the shares to his daughter, Yang Huiyan, 2 years ago, when she joined Country Garden to be her father's assistant after completing her studies in marketing2 and physical distribution in the Ohio University of the US. Yang Guoqiang wishes that his daughter, who once held as many as 70% of the stock shares of Country Garden, will take his place in the future. Country Garden's annual sales value has been over 2.5 billion yuan since 1999. 90% of the shares released this time will be sold to institutional investors3 and the rest to the general public. After listing, there will be a 10% to 40% of premium4, bringing in 70 billion to 89 billion HK dollars, according to a report by the Swiss Bank. Thus though Yang Huiyan will have fewer shares, she will possess more property. The money collected will be used to buy more land in the Chinese mainland, to finance other operations of the company. It is estimated that Yang has a property between 41.6 billion and 52.9 billion HK dollars, while Zhang Yin, currently the richest person in the Chinese mainland, has 47.4 billion HK dollars.
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