Linklaters advises on significant US$3 billion concurrent share placement and convertible bond issue for Country Garden Holdings

Global law firm Linklaters has successfully advised on a US$3 billion concurrent share placement and convertible bond issue for Country Garden Holdings, China’s largest real estate developer in terms of contracted sales in 2017 and ranks among the top three real estate enterprises globally. The deal is the largest equity deal in Asia this year so far. It is also the largest ex-Japan convertible bond issued to the international markets since 2007.

Linklaters acted as placing agent in the top-up share placement, and as sole bookrunner for the zero coupon secured guaranteed convertible bonds.

The fundraising is a combination of equity and convertible bonds, which has been gaining popularity recently in the market.

The Linklaters team was led by Iris Leung, Craig Dally and Terence Lau.

Iris Leung, a Capital Markets Partner of Linklaters Hong Kong said:

"We are honoured to have worked on such a complex and somewhat unique deal which is a reflection of our expertise.”

Craig Dally, a Corporate Partner of Linklaters Hong Kong said:

"We are seeing a growing trend in the market towards issuers raising a combination of equity and convertible bonds.”

In 2017, Linklaters acted for J.P. Morgan Securities plc as global coordinator, bookrunner and manager and The Bank of New York Mellon, London Branch as trustee on a similarly structured fundraising using both equity and perpetual convertible securities for Semiconductor Manufacturing International Corporation.