China Merchants Property Development Co (000024.SZ)(200024.SZ) said on Saturday that it would place up to 5 billion yuan ($732 million) in new shares with investors to purchase and develop property projects.

The mid-sized property developer said it would place up to 200 million shares at a price of no less than 28.12 yuan per share.

The shares last closed at 36.90 yuan on July 8 on the Shenzhen Stock Exchange. They have since been suspended from trade pending an important announcement.

China's housing market has rebounded in recent months, spurring a rush by developers to raise cash for projects, although some officials have begun warning of a possible price bubble. [ID:nHKG361212] ($1=6.831 Yuan) (Reporting by Edmund Klamann; Editing by Jeremy Laurence)