Property developer Yanlord increases follow-on offer

The combined sale of shares and convertibles allows the company to boost its freefloat and broaden its shareholder base seven months after the IPO.

China-based property developer Yanlord Land Group was able to increase the size of its combined follow-on sale of shares and convertible bonds to raise a total of S$725.5 million $473 million. The takings will increase further to $513 million if the greenshoe on the CB portion is exercised, but even if it isnÆt, the deal still marks the largest follow-on by a Chinese property company, exceeding Agile Property HoldingsÆ $408 million transaction in November last year.

The sale, which...

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