Landing raises US$230 mln from share placement

Hong Kong-listed Landing International Development Ltd has announced it has successfully placed 24 billion shares on Thursday, raising around HK$1.8 billion (US$230.3 million).

 In a filing to the Hong Kong Stock Exchange on Friday, Landing said it intends to apply the net proceeds from the placing for the development of Jeju Shinhwa World and to other working capital needs of the group.

Earlier this week, local media reported that Jeju Shinhwa World is set to add a new K-pop entertainment center, named YG Town, to its non-gaming offerings.

The K-pop leisure complex will feature a cafe and bowling alley designed by BIGBANG leader – Dragon.

The announcement follows recent news of a planned movie theme park at Jeju Shinhwa World, called Lionsgate Movie World, set to open in 2019.

According to Landing Jeju Development, the developer of Jeju Shinhwa World, a total of KRW 1.3 trillion won (US$1.2 billion) in foreign direct investment has been injected into the project so far.