Country Garden stunned the market on Tuesday by raising a whopping $3 billion from an equity combo that became easily the biggest deal of the year so far, as the high-flying Chinese property developer makes big moves to restructure its balance sheet at the start of the year.
Tuesday’s equity deal included a HK$15.6 billion $2 billion convertible bond offer and a $1 billion top-up placement of shares in the Guangdong-based developer, which saw a significant improvement in its business performance and financial stability last year.
Even on a standalone basis, either of the two deals would easily overtake Hongqiao’s $800 million share sale to become...
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