China Enterprise increases capital of Shanghai subsidiary

Nov. 18, 2009 (China Knowledge) - China Enterprise Co Ltd<600675>, a real estate developer, has announced that it plans to raise the registered capital of a Shanghai subsidiary from RMB 200 million to RMB 700 million, sources reported.

The subsidiary won the bid for a piece of residential land in Luodian Town, Baoshan District, Shanghai on Sep. 25 and will be responsible for the project's development.

The government of Baoshan granted its approval for the project to begin construction at the end of the year, according to its website. The project, which will cover a land area of 116,954 sq m and have a floor area of 199,470 sq m, will consist mainly of apartments of less than 90 sq m and apartments of over 120 sq m.

Reportedly, China Enterprise has completed the issuance of RMB 1.2 billion in corporate bonds. Individual investors subscribed RMB 120 million in bonds online, or 10% of the total, and institution investors purchased the remaining bonds offline.