Poly (Hong Kong) Investments raises $457 million in placement

The offering receives strong investor interest with the book covered one hour after opening on Wednesday morning and the upsize option exercised in full.

Poly Hong Kong Investment, the Hong Kong-listed arm of the China Poly Group Corporation, has raised HK$3.52 billion $457 million through a top-up placement. The property developer said it will use the money for future investment opportunities including increasing its landbank.

The offering received strong investor interest the book was covered one hour after opening on Wednesday morning and an upsize option was fully exercised. Investors were apparently not concerned about Beijing’s current efforts to clamp down on the country’s property market because the China Poly Group is a large-scale state-owned enterprise and it has already achieved its profit target, bankers involved with the deal said.

 The base deal size...

¬ 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