Country Garden blooms with $3b equity combo

High-flying homebuilder fires on all cylinders for fresh capital – raising $3 billion in equity just a week after pulling nearly $1 billion from bond sales.

Country Garden stunned the market on Tuesday by raising a whopping $3 billion from an equity combo that became easily the biggest deal of the year so far, as the high-flying Chinese property developer makes big moves to restructure its balance sheet at the start of the year.

Tuesday’s equity deal included a HK$15.6 billion $2 billion convertible bond offer and a $1 billion top-up placement of shares in the Guangdong-based developer, which saw a significant improvement in its business performance and financial stability last year.

Even on a standalone basis, either of the two deals would easily overtake Hongqiao’s $800 million share sale to become...

¬ 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