Chinese Estates invests US$150m in Zhongliang

Business | 26 Nov 2019 3:47 pm

Chinese Estates (0127) announced that it subscribed to  US$150 million (HK$1.17 billion) worth of notes of mainland developer Zhongliang Holdings (2772) at an issue price of US$98.287 million.

The subscription, maturing on November 24, 2020, has an annual interest rate of 9.75 percent.

Chinese Estates said it has an optimistic view of mainland developers with high-quality. The company will continue to invest in debt or projects with good returns.

Kimbee Chan Hoi-wan, executive director of Chinese Estates, the wife of Joseph Lau Luen-hung, holds US$50 million of the subscribed notes, the company said.

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