China property

China Merchants Property plans $1.3b convertible

Chinese property companies are diversifying financing channels and the onshore market is gaining some strength.

Shenzhen-based China Merchants Property Development said Wednesday that it wants to raise up to Rmb8 billion $1.3 billion via a convertible bond issue to help finance five projects in Shenzhen, Zhuhai and Wuhan.

In a move that hints at a more relaxed funding environment for Chinese property developers, China Merchants Property said it plans to launch a six-year convertible bond issue with a coupon of less than 3%.

The deal, which is still subject to shareholder and regulatory approval, would be one of the largest onshore capital market transactions by a Chinese developer in two years, suggesting Beijing has begun to ease some of the...

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