China Merchants Land cuts conversion price on 0.5% notes due 2020

By Susanna Moon

Chicago, June 1 – China Merchants Land Ltd. said it reduced the conversion price for its $290 million 0.5% guaranteed convertible bonds due 2020.

The conversion price was lowered to HK$2.70 per share from HK$2.88 per share, effective May 12.

The adjustment is due to a payment of a final dividend of HK$0.10 for the year ended Dec. 31. The dividend was approved at a shareholders meeting held April 27 and distributed June 1, according to a company notice.

Hong-Kong-based China Merchants is a real estate development company focused on properties in mainland China.

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