Shimao’s unit taps a jittery capital market in a surprise plea for funds, sending nervous investors heading for the exit

//Shimao’s unit taps a jittery capital market in a surprise plea for funds, sending nervous investors heading for the exit

Shimao’s unit taps a jittery capital market in a surprise plea for funds, sending nervous investors heading for the exit

Shimao Services Holdings, the management unit of one of China’s largest property developers, is tapping the capital market for funds, a plan that surprised investors who are already jittery over the financial state of China’s indebted developers, causing its shares to tumble.Shimao plans to issue HK$3.11 billion of convertible bonds at a conversion price of HK$18.22 per share, and sell 115 million shares at HK$15.18 to raise a combined HK$4.86 billion (US$624 million), according to two filings…

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By | 2021-10-20T07:00:23+00:00 October 20th, 2021|Headlines|Comments Off on Shimao’s unit taps a jittery capital market in a surprise plea for funds, sending nervous investors heading for the exit