neochina-returns-to-the-market-for-a-third-time

Neo-China returns to the market for a third time

The Mainland property developer raises $100 million from a scaled-back placement as the Hong Kong market tumbles.

Anette Jönsson

November 29, 2006

Mainland property developer Neo-China Group Holdings has been back in the market this week to feed its seemingly insatiable need for capital, raising yet another $100 million for future land bank acquisitions and the development of a recently announced project.

The top-up placement, which was completed in the early hours of Tuesday morning, marked the third time the Hong Kong-listed company tapped the international capital markets this year following a similar placement in February and a convertible bond in May. Neo-China has raised $326 million through the three transactions, which is no small feat given the company has a market capitalisation of only $900 million.

Contrary to the first two deals, this latest sale encountered...

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