Chinese property developer taps markets again

Neo-China raises $173 million from convertible after shareholders grant approval for more fund raisings to pay for expansion through acquisitions.

Mainland property developer Neo-China Group Holdings last Friday May 12 tapped the capital markets for cash for the second time in three months as it continues to expand aggressively.

This time it chose to issue HK$1.34 billion $173 million worth of convertible bonds that will allow it to raise additional funds at a premium to the future share price รป if the stock continues to perform. In February the company raised HK$442 million $57 million from a top-up...

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