Logan Property Holdings, the main real estate development business controlled by Chinese billionaire Kei Ho Pang, has raised $200 million from the sale of new shares that will dilute his family’s ownership of the business to 61% from 68%.
Value Partners and RRJ Capital are among the investors that subscribed for 1.55 billion shares being offered by Logan at HK$2.78 each, Logan said in a statement today. The sale is worth $200 million, which will be used for business development and working capital.
Shares in Hong Kong-listed Logan have gained a quarter in the past year. The transaction is expected to close this month.
Kei ranked No. 99 on the 2015 Forbes China Rich List with a fortune worth $2 billion. That estimate includes shares tied to his daughter Perenna Kei.
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