China Real Estate Billionaire’s Logan Sells New Shares, Raises $200 Million

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.

Click here for more details about the 2015 Forbes China Rich List.