Changsha Broad Homes Industrial Group Co., Ltd. announced a private placement of 28,571,429 common shares at a price of CNY 35 per share for gross proceeds of not more than CNY 1,000,000,000 on December 25, 2017. The transaction will include participation from Hunan Friendship & Apollo Commercial Co., Ltd. (SZSE:002277) for 2,000,000 shares for gross proceeds of CNY 70,000,000. The transaction has been approved at the 13th meeting of the 5th directorate of the investor and does not need the shareholders approval.

The company reported total assets of CNY 5,728,954,600, net assets of CNY 1,952,988,100, revenue of CNY 1,752,062,000, and net profit of CNY 218,874,900 for the year ended December 31, 2016.