Hong Kong property developer Sino Land completed a HK$2 billion $256 million convertible late Tuesday night raising funds to replenish its land bank. Some form of equity issuance had been expected for a while given the increasingly fevered mindset of Hong Kong property developers and the company's share price performance - up 62% year-to-date. Analysts, therefore, believe the new deal should relieve overhang issues, although the stock is likely to trade down when it re-opens today Thursday thanks to short-selling pressures generated by the convertible.
In the run up to launch, a number of Sino Land's house banks had been showing the company indicative terms, but it was JPMorgan...
