Hang Lung Properties to redeem remaining convertibles

New York, April 27 - Hang Lung Properties Ltd. said it will redeem its remaining 3.4% guaranteed convertible bonds due 2007.

The Hong Kong property development and investment company said it is redeeming the bonds under the clean-up call provision.

As of the close of business on April 26, 90% of the original principal amount of the securities had been converted, redeemed, purchased or canceled, Hang Lung said.

The remaining bonds will be redeemed on May 29.

At the close of business on April 26, Hang Lung had HK$291.3 million of the convertibles remaining, 8.44% of the original.

Up to May 19, holders can convert the bonds into stock. If all are converted the company will issue 32.4 million shares.

Hang Lung previously redeemed HK$562.5 million of the convertibles under the provisional call feature in April and HK$562.5 million of the convertibles in February.

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