November 7 -- Poly Real Estate Group (600048.SH), a leading domestic property developer, terminated its 9.6 billion yuan private placement, and unexpectedly granted equity incentive stock options to 179 core staff, reports nbd.com.cn, citing a company filing.

Poly Group had previously given a commitment to subscribe to 1.2 billion yuan of the private placement.

Poly Real Estate said the 12 developments that were to have been funded by the private placement, are currently recording good sales.

Poly Real Estate granted a total of 57.04 million stock options which have an exercise price of 9.97 yuan, to core staff, including board members and senior executives. The stock options are valid for six years.

In order for the stock options to be exercised, net profit earned for that year are not to be lower than the average of the preceding three years, and the company must not be suffering a loss.

Another condition is that the return on net assets in the year that the options are to be exercised are not to be lower than 14 percent, and return on net assets must have recorded a 50 percent growth from the previous year.

In addition, the company must record return on net assets of 14.5 percent in 2012, and 15 percent in 2013, in order for the stock options to be exercised.