New World China Land redeems 87% of its zero-coupon convertible notes

By Susanna Moon

Chicago, June 11 - New World China Land Finance Ltd. said it redeemed RMB 2,218,800,000, or 87.01%, of its RMB 2.55 billion of zero-coupon guaranteed convertible bonds due 2012 on Friday.

The company paid $14,977.60 for each RMB 100,000 principal amount.

There is now RMB 331.2 million of the bonds outstanding.

New World China Land Ltd. is the Mainland China flagship property company of Hong Kong-based New World Development.

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