By Ben OttoShimao Property Holdings Ltd. (0813.HK) shares fell almost 8% Monday morning after the company announced plans for a 4.64 billion Hong Kong dollar (US$597.3 million) share placement. The Hong Kong-based property developer announced plans for the placement late Friday, pricing shares at HK$29.58, a 7.9% discount to the stock's last closing price before being halted from trading last week. Upon the resumption of trade Monday, shares dropped 7.6% to HK$29.65. Shimao said it would use proceeds from the placement to develop projects, repay debt and for general working capital. Write to Ben Otto at ben.otto@wsj.com(END) Dow Jones NewswiresJanuary 19, 2020 21:40 ET (02:40 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.

Source: Wall Street Journal January 20, 2020 02:45 UTC