Chinese property developer taps markets again

Neo-China raises $173 million from convertible after shareholders grant approval for more fund raisings to pay for expansion through acquisitions.
Mainland property developer Neo-China Group Holdings last Friday May 12 tapped the capital markets for cash for the second time in three months as it continues to expand aggressively.

This time it chose to issue HK$1.34 billion $173 million worth of convertible bonds that will allow it to raise additional funds at a premium to the future share price û if the stock continues to perform. In February the company raised HK$442 million $57 million from a top-up share placement.

Each of the fund raisings accounted for 20% of the companyÆs existing share capital û which is usually the maximum for a Hong Kong-listed company in any given fiscal year. However, the company...
¬ 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