Evergrande Real Estate, the mainland’s biggest property developer by area sold last year, is seeking to raise as much as US$ 580 million through a share placement after its strong performance in recent months.

The Guangzhou-based firm, controlled by mainland billionaire Hui Ka-yan, plans to sell up to one billion new shares at HK$ 4.35 to HK$ 4.50 each, according to a term sheet obtained by the South China Morning Post. Hui controls 68 per cent of the firm.