(Yicai Global) July 16 -- 5I5J Holding Group, one of China's biggest real estate brokerages, has bought back 300,000 of its own shares to support its stock incentive plan for employees.

The firm, known as Kunming Sinobright Group until April, bought 0.01 percent of its equity on July 13, it said in a statement today. It paid between CNY5.95 (USD0.89) and CNY5.97 a share to give a total of nearly CNY1.8 million (USD268,000) including transaction fees. Shares [SHE:000560] closed at CNY5.93 the same day it bought the stock.

On July 1, the group unveiled plans to buy back nearly 28.6 million shares, or 1.21 percent of equity, using a pool of self-raised funds. It expects to spend between CNY100 million and CNY200 million and pay no more than CNY7 a share under plans to offer shares to its employees.

Editor: James Boynton