New World China cuts conversion price on zero-coupon bonds due 2012

By Marisa Wong

Milwaukee, Dec. 9 - New World China Land Finance Ltd. announced that there has been an adjustment to the conversion price of its RMB 2.55 billion dollar-settled zero-coupon guaranteed convertible bonds due 2012, guaranteed by New World China Land Ltd.

The conversion price has been lowered to HK$6.84 per share from HK$6.98 per share, effective Dec. 9.

The adjustment follows approval of a final dividend payment of HK$0.06 per share for the year ended June 30 at a meeting on Wednesday.

With the adjustment, the bonds are convertible into 378,561,142 shares.

New World China is a Hong Kong-based investment holding company engaged in investment and development of property projects in the People's Republic of China.

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