Sino Land completes CB

Property developer removes share placement overhang with a CB.

Hong Kong property developer Sino Land completed a HK$2 billion $256 million convertible late Tuesday night raising funds to replenish its land bank. Some form of equity issuance had been expected for a while given the increasingly fevered mindset of Hong Kong property developers and the company's share price performance - up 62% year-to-date. Analysts, therefore, believe the new deal should relieve overhang issues, although the stock is likely to trade down when it re-opens today Thursday thanks to short-selling pressures generated by the convertible.

In the run up to launch, a number of Sino Land's house banks had been showing the company indicative terms, but it was JPMorgan...

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