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…
Source : South China Morning Post
Read more…Shimao’s unit taps a jittery capital market in a surprise plea for funds, sending nervous investors heading for the exit