Wolong Real Estate to raise RMB 800 mln for 2 projects

Nov. 5, 2009 (China Knowledge) - Wolong Real Estate Group Co Ltd<600173> on Tuesday announced that it has received approval from the China Securities Regulatory Commission to issue up to 120 million new shares for RMB 800 million at most, sources reported.

The proceeds from the issuance will be used to fund the second phase of development at Vanilla Sky Villas in Shangyu, Zhejiang Province and the first phase of development at an apartment project in Qingyuan, Guangdong Province.

Reportedly, the Shanghai-listed firm's net profit for the third quarter of this year was RMB 25.4 million, up 1.06% year on year, and its earnings per share climbed 0.97% year on year, hitting RMB 0.077.

In the first three quarters, the real estate developer realized RMB 102.76 million in net profit. Its earnings per share were RMB 0.311. As of Sep. 30, the company had RMB 2.06 billion in total assets, 2.49% less than the RMB 2.11 billion it had at the end of last year.