Sino Land calls 1.625% convertibles

By Jennifer Chiou

New York, March 29 - Sino Land Co. Ltd. announced the redemption of its remaining HK$64.25 million of 1.625% guaranteed convertible bonds due 2009 on April 30.

The Hong Kong-based real estate development company said the securities will cease to trade on the Hong Kong Stock Exchange at the close of business on April 23 and the listing will be withdrawn on May 18.

Sino Land said any conversions must be made by 11 a.m. ET on April 23.

The conversion price is HK$9.10 per share. On March 29, the company's shares closed at HK$16.80.

According to a filing with the exchange, if the outstanding principal amount of convertibles is less than 10% of the HK$2.5 billion originally issued, the issuer has the option to call the bonds in whole.

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