(Yicai Global) Feb. 13 -- China Vanke is slated to complete the largest equity fundraiser of up to CNY15 billion (USD2.2 billion) among Chinese property developers after the sector's liquidity replenishment rules were eased in December.

The real estate giant will issue shares to no more than 35 select investors to raise funds for 11 projects while improving its liquidity, the Shenzhen-based company said in a statement yesterday.

Late last year, Chinese authorities lifted restrictions on equity financing for property enterprises to ease their liquidity issues. After that, Vanke held an extraordinary general meeting to approve a plan of equity and bond issuance of no more than CNY50 billion (USD7.3 billion). Based on the blueprint, Vanke can issue no more than a fifth of listed equity but according to the latest statement, the actual portion is less than 9.5 percent of its total share capital before the issuance.

Interestingly, Shenzhen-based Metro Group, Vanke’s largest shareholder, is not among the 35 share buyers. But after the transactions, the subway operator will still remain the firm's biggest stockholder.

Some of the main reasons behind the equity financing plan include optimizing the company’s asset structure and reducing financing costs, Zhu Jiusheng, president of Vanke, said at the December meeting. The adjusted policy opened a window of opportunity for Vanke and Metro Group was also very supportive. Moreover, the dawn of the industry has appeared so Vanke is seeing some opportunities, he added.

Editor: Emmi Laine, Xiao Yi