New World China lowers conversion price on 0% convertibles due 2012

By Marisa Wong

Madison, Wis., Nov. 28 - New World China Land Finance Ltd. said it adjusted the conversion price on its RMB 313.2 million dollar-settled zero-coupon guaranteed convertible bonds due 2012.

The conversion price was lowered to HK$6.44 from HK$6.60 per share, effective Monday. The bonds are now convertible into 49,384,179 shares, up from 48,186,985 shares.

The price adjustment is due to a final dividend of HK$0.04 per share for the year ended June 30 that was approved at a meeting on Nov. 22.

The convertibles are guaranteed by New World China Land Ltd.

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

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