Chinese Estates invests US$150m in ZhongliangBusiness | 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.