c-c-land-upsizes-placement-to-327-million

C C Land upsizes placement to $327 million

The Western China-focused property developer is able to upsize the deal by 26%, but needs to pay a wider discount compared to other recent Hong Kong placements.

After a pause on Monday, placement activity in Hong Kong resumed yesterday with a $327 million follow-on for C C Land Holdings. As projected on Friday by some observers who noted that investors were experiencing fatigue after the deluge of deals across Asia in the past few weeks, the discount widened slightly compared with the most recent deal. At the same time, though, Hong Kong-listed C C Land was able to upsize the offering and price inside the wide end of the discount range, suggesting investors are still game for a good offer.

The packaging products maker-turned-property developer used the entire upsize option, increasing the deal size by 26% to 428 million shares, or 20%...

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