Hang Lung Properties raises $860 million for China expansion

At an 8% discount to the trading share price and amid a property stock rally, the top-up placement is more than six times covered.

Hang Lung Properties has raised HK$6.68 billion $860 million from a top-up placement that will be used to finance future development projects in China.

Coming on the heels of an unexpected cut in the prime lending rate by HSBC and Bank of East Asia on Monday and providing an opportunity to buy a fairly illiquid stock in bulk, the share sale was in demand. According to a source, the deal was more than six times covered with 150 accounts...

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