China's sovereign wealth fund, China Investment Corporation (CIC), will take up a A$500m preference share placement as Greg Goodman moves to rebuild his industrial property trust, Goodman Group with a A$1.8bn capital raising.

Goodman, which entered a trading halt yesterday, is expected to inform the market today its A$1.3bn one-for-one entitlement issue is fully underwritten and CIC, a US$200bn giant, has taken up the placement.

More crucially, it is expected to announce that its lenders have agreed to extend some $4bn of debt beyond 2012, in what has been described as a 'comprehensive capital management solution'.

The Australian