China Developers’ Rush to Raise Funds Triggers Stock Selloff
- Agile joins Country Garden in selling shares after rally
- Government is taking steps to bolster the troubled sector
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Chinese developer shares tumbled after Agile Group Holdings Ltd. became the second real estate company in as many days to announce capital raising plans.
Agile said it will sell stock at an 18% discount to raise HK$783 million ($100 million) via a top-up placement. Country Garden Holdings Co. on Tuesday said it will raise HK$3.9 billion, also with a 18% discount.