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New World China plans convertible bond sale

(China Daily)
Updated: 2007-05-08 13:38

New World China Land Ltd, the mainland unit of one of Hong Kong's largest property developers, plans to raise as much as 2.8 billion yuan by selling bonds convertible into its shares.

New World Development Co, which is controlled by billionaire Cheng Yu-tung, will sell five-year, zero-coupon bonds at a 0.75 percent yield, the company said in a statement yesterday. The company will initially issue 2.5 billion yuan worth of bonds and may sell additional bonds subject to market conditions, the statement said, adding that proceeds will be used to finance a project in Beijing.