China Overseas Grand Oceans’ debut dollar bond met with some resistance from investors when it tried to tap the market on Tuesday, forcing the Hong Kong-listed property developer to revise its offering documents.
The main grouse for investors was the conspicuous lack of a change-of-control clause to protect them if China Overseas Grand Oceans' biggest shareholder, state-owned China Overseas Land Investment COLI, ever tried to slash its stake in the company....