BRIEF: CR Land approved to issue up to $3.9 billion in notes

1109.HK

Real estate developer China Resources Land Ltd. (1109.HK) said on Monday it has been approved by the Hong Kong Stock Exchange to issue up to $3.9 billion in medium-term notes within the next 12 months. The company said the notes will be offered exclusively to professional investors.

CR Land said it has mandated six banks, including Bank of China, DBS Bank and HSBC, to act as arrangers and dealers for the offering.

The company’s cumulative contracted sales fell 10.4% year-on-year to approximately 154.4 billion yuan ($21.69 billion) in the first three quarters of this year, while its contracted gross floor area for the period totaled about 5.73 million square meters, down 24.1%.

Shares of CR Land opened up 0.14% at HK$29.04 on Tuesday. The stock is down 14% from its 52-week high.

By Lau Chi Hang

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