Country Garden placement

Country Garden raises $400 million from share placement

Part of the share sale is linked to the unwinding of a total return swap that Country Garden entered into in connection with a CB issued four years ago.

Country Garden last night raised about HK$3.1 billion $400 million from a placement of new shares, grabbing the first market window after it reported strong full-year earnings on Tuesday. The quick move means it was able to tap the market ahead of a number of other Hong Kong-listed Chinese developers that are said to be looking to raise new equity this year.

The deal attracted a lot of interest and joint bookrunners Goldman Sachs and J.P. Morgan were able to fix the price at the mid-point of the range for a discount of 8% versus yesterday’s closing price.

Part of the sale was linked to the...

¬ 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 (2-10 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 (2-10 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