China New Town

China New Town: China Development Bank's (CDB) subscription of 5,347.9m new shares in China New Town at HK$0.27 ($0.0443) apiece is expected to take place on 28 Mar, following the completion of the preconditions. The new shares will represent 54.3% of the enlarged share capital and the completion of the subscription will pave the way for China New Town's disposal of existing assets for Rmb2,069.8m, intended for completion within 24 months. CDB intends to make China New Town its urban land development platform and transform the company into the PRC’s leading, largest integrated new town developer and operator.