Shareholders of New City Development Group (HKG:0456) will meet July 28 to vote on the proposed issue of 31,334,841 shares to controlling shareholder Han Junran at HK$0.442 apiece, a Thursday Hong Kong bourse filing said.

The firm agreed, on June 18, to issue the shares to set off against a HK$13.9 million shareholder's loan owed to Han.

The shares represent around 18.48% of the property developer's enlarged issued share capital.