Sino Land prices placement at 7% discount

Management meetings with US investors during the bookbuild give the deal an unusual twist and boost the number of US orders.

Hong Kong property developer Sino Land was able to raise HK$4.31 billion $552 million from its top-up placement on Monday, but had to give investors a 7% discount versus the most recent close to get it out the door.

The deal, which marked the first time Sino Land has raised new capital through the equity markets since January 2001, was offered in a range between HK$19.57 and HK$20.21, which represented a 4% to 7% discount to MondayƆs...

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