Greenfield structure for Greentown China

Mainland property developer deploys innovative pre-IPO CB structure.

Chinese property developer Greentown China Holdings has raised $150 million from an unusual pre-IPO CB via JPMorgan

The private placement transaction represents the second time in just over a month that an Asian issuer has used such a structure and bankers believe there are more to come It follows a highly structured $151 million pre-IPO CB for Indonesia's PT Sulfindo in December and is the first of its kind from China

Greentown is said to have liked a pre-IPO structure because it enables the company to raise and deploy funds that can improve earnings and hence the valuation it might be able to achieve at IPO Likewise, this type of financing means company management will...

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