Page last updated at 05:49 GMT, Tuesday, 21 July 2009 06:49 UK

China firm eyes $7.3bn share sale

People walking past housing development in Beijing
Chinese house prices are starting to pick up again

China's largest housing company is seeking to raise as much as 50.2bn yuan ($7.3bn; £4.5bn) in the world's biggest share issue so far this year.

China State Construction Engineering Corporation (CSCEC) plans to sell a 40% stake in the firm, with the shares to be priced between 3.96 and 4.18 yuan.

The state-controlled group said it would use the proceeds of the share sale to expand its business.

Chinese house prices rose in June for the first time in seven months.

CSCEC intends to float the shares on the Shanghai Stock Exchange, but it has yet to give a date for the share issue.

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