Shui On Construction and Materials (Socam) will raise its investment in China Central Properties by 25 per cent to as much as HK$975 million before the property firm's plan to seek a listing in London.
Socam, controlled by Vincent Lo Hong-shui, earlier indicated that it would spend about HK$780 million to subscribe to shares of China Central.
China Central plans to raise about GBP150 million (HK$2.3 billion) from a flotation on the London Stock Exchange's AIM Market before the end of the year.
The company, a recent spin-off from Socam that specialises in distressed mainland property projects, has a portfolio of five partially completed commercial and residential projects in Beijing, Chengdu, Dalian and Qingdao.
Socam will also subscribe to US$25 million of convertible bonds from China Central, down from US$50 million previously announced, the company said.
Highbridge Capital Management, a hedge-fund affiliate of JP Morgan Chase, will buy GBP5 million in shares and US$25 million in convertible bonds issued by China Central, Socam said.
