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| Country Garden's shares soar on RMB 3.6 bln bond sale |
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| 2008-02-24 | |
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Feb. 19, 2008 (China Knowledge) - Shares of Hong Kong-listed Country Garden Holdings surged 11.48% on Monday after the company announced the bond issue. The Chinese property developer intends to issue RMB 3.595 billion (about US$500 million) worth of 2.5% coupon convertible bonds due 2013. The stocks rose to a high of HK$7.73 in early morning trade with more than 15.6 million shares changing hands. Guangdong-based Country Garden said the bonds would carry an initial conversion price of HK$9.05. The purpose of the bond issue is to finance land acquisitions amid Beijing's clampdown on lending to the red-hot real estate sector. Standard & Poor's Ratings Services has assigned its 'BBB-' rating to this bond issue. This rating reflects the company's sound financial profile and the benefits of having one of the largest and lowest-cost land banks among all Chinese property developers. |
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