Merrill Lynch arranges large CB for Chinese property investor

Six investors buy into the $200 million deal that will partly be used to fund the takeover of a Westin hotel project in Guangzhou.

Mainland-focused property developer and investment holding company Skyfame Realty has issued $200 million worth of convertible bonds in what has the potential to become a transformational deal for the company.

Not only will the funds allow the Hong Kong-listed company to buy 100% of an almost finished construction project in Guangzhou that will include a five-star hotel operated by international hotel chain Westin, but the deal itself exceeds the current market capitalisation of the company.

According to a stock exchange...

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