Country Garden Services Holdings Co. said it’s planning a stock buyback to shore up investor confidence after renewed fears about funding challenges for Chinese property developers.
The property management firm said in a stock exchange filing in Hong Kong late Tuesday that it will buy back as many as 337 million or 10% of total issued shares. It said the move will demonstrate “its confidence in its long-term business prospects” and improve returns to shareholders. Based on Tuesday’s price, the shares would be worth HK$2.8 billion ($363 million).
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