New Issue: Shanghai Real Estate HK$302 million convertibles yield 2.213%, up 17.47%

New York, March 23 - Shanghai Real Estate Ltd. priced HK$302 million of zero-coupon convertible bonds to yield 2.213% with a 17.47% initial conversion premium.

J.P. Morgan Securities Ltd. was underwriter for the offering.

The Shanghai, China real estate developer will use proceeds for general working capital including financing land acquisition and construction costs for Phase 2 of Thousand Islands Oasis Garden.

Issuer:	Shanghai Real Estate Ltd.
Issue:	Convertible bonds
Amount:	HK$302 million
Maturity:	May 3, 2009
Coupon:	0%
Redemption price:	111.63
Yield:	2.213%
Initial conversion premium:	17.47%
Conversion price:	HK$1.116, in cash or stock at company's option
Put:	May 3, 2006 at 104.5
Call:	May 3, 2006 onwards at price to give yield of 2.213%, subject to 130% hurdle
Manager:	J.P. Morgan Securities Ltd.
Pricing date:	March 22
Settlement:	May 3

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