China Merchants Land’s 4.021% bonds have change-of-control put option

By Angela McDaniels

Tacoma, Wash., May 31 – China Merchants Land Ltd.’s $500 million 4.021% credit-enhanced bonds due 2018 are putable following a change of control, according to a company announcement.

China Merchants Property Development Co., Ltd. is no longer the controlling shareholder of the issuer. Its 74.35% stake in the issuer has been acquired by China Merchants Shekou Industrial Zone Holdings Co. Ltd.

The bondholders now have the right to put the bonds back to the issuer at par plus accrued interest from June 1 through June 30. The put settlement date will be July 14.

Hong-Kong-based China Merchants is a real estate development company focused on properties in the People’s Republic of China.

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