China Merchants Land eyes placing up to RMB 1.9 billion 4.6% bonds

By Wendy Van Sickle

Columbus, Ohio, Dec. 12 – China Merchants Land Ltd. entered into an agreement with placing agent Ping An of China Securities (Hong Kong) Co., Ltd. for a placement of up to RMB 1.9 billion of 4.6% three-year bonds, according to an announcement.

The placement is conditioned upon the delivery of required consents and approvals, among other things.

Holders will have a put option at par if China Merchants Shekou Industrial Zone Holdings Co. Ltd. ceases to directly or indirectly own or hold at least 50.1% of the issued share capital of the China Merchants Land.

Proceeds are planned to be used for working capital and general corporate purposes.

Based in Hong Kong, the issuer is engaged in the development, sale, lease, investment and management of properties and the sales of electronic and electrical-related products and of building-related materials and equipment.

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