Australia's Stockland halts trading to raise capital

SYDNEY, May 13 (Reuters) - Australian property firm Stockland Group (SGP.AX) halted trading in its shares on Wednesday to undertake a capital raising, amid speculation it was about to launch a A$1.5 billion ($1.1 billion) rights offer.

The Australian Financial Review newspaper said in an report that Stockland will sell new shares in A$2.60-2.70 range to relieve pressure on the balance sheet. [ID:nSYD45939]. ($1=A$1.31) (Reporting by Denny Thomas;)