October 2, 2018 / 2:45 AM / 7 months ago

Country Garden says it plans to buy back up to $383 mln shares

HONG KONG, Oct 2 (Reuters) - China’s top property developer Country Garden Holdings plans to use up to HK$3 billion ($383.0 million) to continue to buy back a maximum of 2.1 billion shares, it said in a filing late on Monday.

The company has bought back a total of 78.9 million shares so far this year for HK$993.2 million, as part of a mandate that allows the company to repurchase a maximum of 2.2 billion shares, or 10 percent of the total issued shares.

Its indirect wholly-owned subsidiary Power Great Enterprises Ltd has also acquired a total of 176.7 million shares for HK$2.2 billion so far this year, which would be used for the employee incentive scheme, the developer said in the filing. ($1 = 7.8328 Hong Kong dollars) (Reporting by Clare Jim; Editing by Amrutha Gayathri)

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