Paliburg Holdings of Hong Kong has completed its first commercial mortgage backed securitization deal through the issue of HK$1.4 billion $181 million in securities. The deal was structured and lead arranged by SG with Ka Wah Capital as co-lead manager.
The deal will come as a great relief to Paliburg, its shareholders and creditors. The property and hotel company has been suffering from the downturn in Hong Kong's property market since 1998. In its most recent results issued on September 22, the company announced a loss of HK$279 million for the six months ending June 30. This compares to a loss of HK$114 million for the same period in 1999.
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