Chinese Estates buys US$150m notes from developer

Business | Stella Zhai 27 Nov 2019

Chinese Estates (0127) has subscribed to a total of US$150 million (HK$1.17 billion) of notes issued by mainland developer Zhongliang Holdings (2772) at a price of US$98.287 million.

Kimbee Chan Hoi-wan, executive director of Chinese Estates and wife of Joseph Lau Luen-hung, holds US$50 million of the subscribed notes, the company said. The subscription has an annual interest rate of 9.75 percent and will mature on November 24, 2020.

Meanwhile, mainland developer Chuang's China Investments (0298) said its net profit for the six months ended September 30 plunged by 77.38 percent year-on-year to HK$21.32 million. Earnings per share for the period were 0.91 HK cent and no interim dividend was declared. Revenue also dropped 35.94 percent to HK$81.27 million.

In other news, New World Development (0017) has signed a five-year HK$1 billion loan with DBS Hong Kong in equal tranches of HK$500 million each for a term loan and a revolving loan. This is the first sustainability-linked loan of NWD.

And Sam Cristopher, regional director of Great China consulting at Cushman & Wakefield, expects there is likely to be a shift from Shenzhen to Zhongshan in the Greater Bay Area as Zhongshan has cheaper labor and land.

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