sino-land-seeks-570-million-from-topup-placement

Sino Land seeks $570 million from top-up placement

The Hong Kong developer is offering 4.8% of the company at a 4%-7% discount to the latest close.
September 24, 2007
Hong Kong property developer Sino Land was in the market last night looking to raise up to HK$4.45 billion $570 million through a top-up share placement, but as of midnight, sources were still unsure whether the deal had been completed.

The terms looked reasonable enough, offering a discount to the latest close of 4%-7%, and at 4.78% of the market cap, the size wasnÆt that large in relative terms. However, Sino LandÆs share price has rallied 39.4% since the low on August 17, potentially making the price a bit much for some investors to stomach.

The price gains are entirely in line with the market though, with the Hang Seng Index having added 37%,...
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