China Overseas Grand Oceans irks investors

The Chinese developer revises its change of control clause after marketing its debut dollar bond.

China Overseas Grand Oceans’ debut dollar bond met with some resistance from investors when it tried to tap the market on Tuesday, forcing the Hong Kong-listed property developer to revise its offering documents.

The main grouse for investors was the conspicuous lack of a change-of-control clause to protect them if China Overseas Grand Oceans' biggest shareholder, state-owned China Overseas Land Investment COLI, ever tried to slash its stake in the company. The omission was all the more conspicuous given its inclusion in some of the firm's other outstanding securities.

The five-year dollar benchmark bond was initially marketed to investors on Tuesday...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222