China Vanke, the nation’s biggest publicly traded property developer, plans to raise as much as 11.2 billion yuan ($1.6bn) selling additional shares to build residential projects across the country.

The company plans to use 9.2 billion yuan of proceeds from the share sale to build 14 residential projects in cities including Guangzhou, Shenzhen and Tianjin, Vanke said in a filing to the Shenzhen stock exchange today. It will use 2 billion yuan for working capital.