Thailand’s largest property developer Central Pattana PCL (CPN.TH) and two members of the billionaire Chirathivat family that controls the company are raising $367 million through a share sale, joining others in the region in capitalizing on surging stock markets in the region.


There has been a flurry of deals and fund raising in Thailand in recent months, driven by a 17% gain in its stock market far this year. Economic growth of more than 6% last year at a time when interest rates are low have driven investors to seek yields rather than save cash, spurring demand for share sales in Southeast Asia’s second-largest economy.


Central Pattana, which also operates shopping malls in Thailand, is selling 130.368 million new shares through a placement that could raise $223 million, according to a term sheet seen by The Wall Street Journal on Wednesday.


Separately, two members of the Chirathivat family, Thailand’s second-richest family with a net worth of $6.9 billion according to Forbes, aims to sell 83.456 million shares for about $144 million. The Chirathivat family owns a 59% stake in the company and its holding will fall to 57% after the deal.


The shares are being sold at 50.75 baht ($1.71) each, the term sheet showed, a 4.7% discount Tuesday’s closing price of 53.25 baht a share.


Apart from domestic investors, the share sale has attracted about 50 international investors, including long-term investors, a person with knowledge of the deal said. The person didn’t name the investors.


The Chirathivats join other wealthy families and companies across the region in taking advantage of buoyant markets to launch deals. Like Thailand, Indonesia’s stock market is up 17% so far this year, and the Philippine market has risen 27%.


Earlier this year, an affiliate of Singapore state investment company Temasek Holdings Pte. Ltd. sold part of its stake in Thai telecommunications holding company Shin Corp. for around $687 million.


Last month, Filipino billionaire Lucio Tan’s LT Group Inc., which has businesses ranging from brewing beer to property, raised $912 million through a private placement, the country’s largest ever equity sale.


Early April, Thailand’s BTS Group Holdings PCL raised $2.13 billion through an initial public offering of its skytrain business, which is the biggest IPO in Southeast Asia so far this year. Later that month, Thailand’s richest man Dhanin Chearavonont made a $6.6 billion offer to buy Siam Makro PCL (MAKRO.TH), valuing the discount-store chain operator at 53 times its 2012 earnings.


Over in neighboring Indonesia, the Widjajas, the country’s second-richest family after the Hartonos, according to Forbes; the Riadys, the country’s 11th richest; and the Purnomo family, which controls 26,000 taxis, are together slated to raise $1 billion in the coming months, say bankers and the companies.


Further north, Hong Kong tycoon Lo Ka Shui preparing to sell real-estate assets structured as a trust. Mr. Lo is ranked No. 37 on the Forbes 2013 Hong Kong Rich List with a net worth of $1.33 billion, and plans to raise up to $588 million in an initial public offering of his Langham hotel chain in Hong Kong, where the stock market is up 1.7% so far this year.


The term sheet didn’t identify the Chirathivat family members behind the stake sale. The company said that the share sale was in response to investor demand for the company stock and declined to name the two family members who also sold their shares.


Apart from shopping centers, the company operates offices, residential condominiums and hotels in Thailand, including the Hilton Pattaya Hotel.


Bank of America Merrill Lynch, Bualuang Securities PCL, Phatra Securities PCL and UBS AG are advising Central Pattana on the deal.


Write to P.R. Venkat at venkat.pr@wsj.com


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