Country Garden: To Raise About HK$23.3 Billion via Share Placement, Bond Issue

Real estate developer Country Garden Holdings Co. Ltd. (2007.HK) said Wednesday it plans to raise about 23.3 billion Hong Kong dollars (US$3 billion) via a share placement and a convertible bond issue.

The Hong Kong-listed developer said it will place 460 million shares at HK$17.13 each, representing 3.66% discount to its last closing price of HK$17.78 Tuesday. The placement shares represent 2.12% of firm's enlarged share capital. Country Garden will also issue HK$15.6 billion worth of convertible bonds via its wholly-owned unit Smart Insight International Ltd., it said.

The developer said it will use the net proceeds for debt repayment as well as general working capital.

Write to Chester Yung at

(END) Dow Jones Newswires

January 16, 2018 20:13 ET (01:13 GMT)