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Jan 25, 2008

S'pore's CapitaRetail China to raise $188m

CAPITARETAIL China Trust , which owns malls in China, said on Friday it plans to raise S$188 million through the sale of new units to help pay for a shopping complex in Beijing.

CapitaRetail China said in a statement it will issue 138.2 million new units at S$1.36 apiece, which is nearly 10 per cent lower than the last traded price of S$1.51.

The property trust will also borrow about S$100 million to help fund the purchase of Xizhimen Mall in Beijing.

Shares of CapitaRetail China were suspended from trading on Friday.

Citigroup, DBS and JP Morgan will manage and underwrite the issue. -- REUTERS