China Merchants Land cuts conversion price on convertibles due 2020

By Marisa Wong

Morgantown, W.Va., June 20 – China Merchants Land Ltd. said it lowered the conversion price for its convertible bonds due 2020 to HK$2.8800 per share from NT$2.9875 per share.

The adjustment was triggered by payment of a final dividend for the year ended Dec. 31. The dividend was approved by shareholders at a meeting held on April 28 and distributed on May 18.

The new conversion price is effective from May 10, the business day after the record date for the final dividend.

Hong-Kong-based China Merchants is a real estate development company focused on properties in mainland China.

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