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Rights issue shrinks to HK$1.65b; executive director missing
Founder's family trustee to be new underwriter; more downgrade pressure
Published Thu, Oct 16, 2014 · 09:50 PM
Hong Kong
STRUGGLING Chinese developer Agile Property Holdings Ltd, whose billionaire founder was detained last month, said on Thursday that one of its executives had disappeared as it announced fresh plans for a life-saving capital increase.
The company, saddled with debt and slumping margins amid China's economic slowdown, said that it now planned a rights issue to raise HK$1.65 billion (S$271 million), much less than the HK$2.79 billion it proposed to raise in September.
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