China Fortune Land unit to convert 2.5% bonds due 2031 on Jan. 23

By Marisa Wong

Los Angeles, Dec. 13 – CFLD (Cayman) Investment Ltd., an indirect wholly owned subsidiary of China Fortune Land Development Co., Ltd., has decided to extend the conversion date for the conversion of its 2.5% guaranteed mandatory convertible bonds due 2031 (ISIN: XS2581879207, XS2581879116 and XS2581879462) into trust units to Jan. 23, according to a company announcement on Wednesday.

The conversion date has been extended for logistical reasons and is meant to give bondholders additional time to submit required documentation.

All other terms relating to the conversion, originally scheduled to occur on Dec. 27, remain unchanged from the initial announcement on Nov. 24.

The issuer had elected to convert $683,711,703.22 of the $2,203,383,456 issue, other than those held by the holding period trustee, into trust units.

Each trust unit reflects RMB 1 in the value of the trust property, which comprises 100% of the equity interests in the capital of Yunuo Gold (Gu’an) Information Consulting Service Co., Ltd. and a debt of RMB 25.499 billion held by Gu’an Information Consulting against Yunuo Gold and its related property companies.

The conversion is part of the group’s debt restructuring plan.

Bank of New York Mellon, London Branch is the trustee for the bonds.

D.F. King Ltd. (cfld@dfkingltd.com; +44 20 8089 3951, +852 5803 0899) is the information agent.

Admiralty Harbour Capital Ltd. (cfld@ahfghk.com) is financial adviser to the issuer.

China Fortune is a real estate developer based in Beijing.

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