(Bloomberg) -- More Chinese real estate developers are selling shares to shore up finances that have been hurt by an unprecedented housing slump. 

Agile Group Holdings Ltd., which develops villa apartments and high-rise homes set amid landscaped gardens, expects to raise a net HK$617 million ($79 million) in its second share sale in about a month, according to an exchange filing. Shanghai-based CIFI Holdings Group Ltd. plans to raise HK$958 million. 

Shares of Agile fell as much as 19% and CIFI tumbled 18% in early Hong Kong trading on Tuesday. Agile’s placement represents about a 17% discount to its last closing price and CIFI’s amounts to a roughly 14% discount.

Chinese builders are seizing on a more favorable fundraising environment after authorities sought to defuse the property crisis with a raft of measures. A Bloomberg Intelligence gauge of Chinese developers has climbed about 65% since the end of October as the government’s rescue efforts mounted. It fell about 5% on Tuesday.

Country Garden Holdings Co. has tapped the Hong Kong equity market twice in the past month, raising more than $1 billion, while its controlling shareholder sold a roughly $650 million stake in a unit. Apart from the two share sales, Agile amassed another $64 million by offloading shares in its property management services unit earlier this month. 

As well as in Hong Kong, equity fund raising has picked up on the mainland after China last month ended a ban on listed companies selling more shares at home. Some 17 listed Chinese property developers or firms with real estate businesses announced plans to raise more equity funds, Financial News reported earlier this month. 

CIFI said its fundraising move is a “crucial step” in formulating an “optimal holistic solution” to its offshore debt financing issues. Agile said its share sale provides an opportunity to strengthen its finances and broaden the capital base. 

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