Zhong Jia Guo Xin (HKG:0899) agreed to place 262,752,672 shares to at least six investors at HK$0.1 apiece to raise net proceeds of a maximum of HK$25.5 million, a Tuesday Hong Kong bourse filing said.

The shares represent roughly 16.7% of the property developer's enlarged issued share capital.

The firm will use proceeds from the placing for general working capital.