Shares up as Ying Li ropes in China Everbright

SHARES of Ying Li International Real Estate, a Singapore-listed China-based pro-perty developer, surged as much as 14 per cent yesterday on news of its proposal to rope in China Everbright Limited (CEL) as a strategic investor.

On resumption of trading yesterday, the stock opened at 32 cents, against its last traded price of 28.5 cents. It then went as high as 32.5 cents, up 14 per cent, before closing the day 3.5 per cent higher at 29.5 cents. More than 20 million shares changed hands.

Ying Li said yesterday that it is proposing to issue new shares and perpetual convertible securities to Everbright Hero Holdings Limited (EHHL) for a total of about $284 million. EHHL is an indirect wholly owned subsidiary of Hong Kong-listed CEL, the asset management arm of state-owned China Everbright Group.