Singapore-listed Chinese property developer, Pan Hong, said today that it will offer some 172.8 million warrants to raise about 114 million dollars.

It intends to use the proceeds for the expansion of its property portfolio and general working capital purposes.

Pan Hong is issuing a warrant for every 3 existing ordinary shares.

Each warrant will carry the right to subscribe for 1 new ordinary share at an exercise price of 66 cents.

At that price, each warrant represents a premium of about 3.1 percent to Pan Hong’s last closing price of 64 cents.

If the warrants are fully exercised and converted into new shares, the issued share capital of the firm would increase by 172.8 million shares.

That represents about one-third of Pan Hong’s existing issued share capital

Singapore-listed Hong Kong-based property developer Pan Hong said today that it has acquired a land parcel in China’s Huzhou city for 46.7 million dollars.

The site will be used for the development of residential and commercial properties.

Located in Zhejiang province, the 103 thousand square metres site is estimated to yield a total gross floor area of around 216 thousand square metres.

Construction for the project is expected to begin in the first half of next year.

Pan Hong says the acquisition will be financed using its internal resources and borrowings.

The company says it is not expected to have a material impact on its earnings and net tangible assets for the financial year ending March 2010.