New Issue: Kerry Properties prices HK$2.5 billion convertibles to yield 3.57%, up 33.44%

New York, March 14 - Kerry Properties Ltd. priced HK$2.5 billion of five-year premium-redemption convertible bonds to yield 3.57% with a 33.44% initial conversion premium.

J.P. Morgan Securities Ltd. was lead manager of the Regulation S sale.

Kerry, a Hong Kong-based owner of warehouses and infrastructure projects in Hong Kong and China, will use proceeds for general corporate purposes.

Issuer:	Wise Insight Finance Ltd. (Kerry Properties Ltd.)
Issue:	Convertible bonds
Amount:	HK$2.5 billion
Maturity:	April 8, 2010
Coupon:	0%
Price:	Par
Redemption price:	119.354
Yield:	3.57%
Conversion premium:	33.44%
Conversion price:	HK$25.955
Call:	April 8, 2007 at price to give yield of 3.57%, onwards subject to 130% hurdle
Lead manager:	J.P. Morgan Securities Ltd.
Pricing date:	March 11, after close
Settlement date:	April 8
Distribution:	Regulation S

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