HONG KONG, June 28: Chinese property developer SOHO China Ltd said in a filing with the Hong Kong stock exchange on Thursday that it plans to buy back up to 200 million dollar worth of shares.
The Beijing-based company, which focuses on commercial development in the Chinese capital and Shanghai, said it felt its shares were undervalued given the strength of its balance sheet.
The company’s shares were up 0.5 percent at HK$5.67 at Thursday’s midday trading break in Hong Kong. Unlike residential developers in China, they have seen little run-up so far this year, given the company’s focus on office and retail space. The stock has gained just 0.4 percent over the last three months, and has fallen 14.5 percent in the last year.
(agencies)
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