Henderson Land returns to equity markets

After watching its stock price double in the space of three months, Hong Kong property developer Henderson Land decides to raise cash for new projects.

HSBC completed a top up placement for Henderson Land yesterday Monday raising HK$3 billion $388 million for the property developer. The structure of the transaction meant the company's major shareholder Lee Shau Kee subscribed for an equal number of shares to the ones sold, in the process slightly diluting his stake from 64.5% to 61.2%.

With CLSA as joint lead, a total of 92.44 million primary shares were sold at HK$32.45. This represents a 7% discount...

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