REUTERS -- Longfor Properties Co Ltd, one of China's ten biggest developers by sales, said on Wednesday it would issue HK$3.09 billion ($400 million) worth of new shares to fund projects and to use as general working capital.

It will issue 260 million new shares to Charm Talent International Ltd at HK$11.88 apiece, a 7.9 percent discount to its previous close, the property firm said in a filing to the Hong Kong bourse.

Charm Talent will buy the shares after selling the same amount of shares to the market. Its stake in Longfor will fall to 43.2 percent from 45.4 percent.

Thomson Reuters publication IFR reported on Tuesday that Longfor planned sell shares in a range of HK$11.88 to HK$12.38 each.