Chinese Developer Poly Mulls $1.7 Billion Convertible Bond Sale
- Firm has been soliciting investor interest, people say
- Chinese borrowers led record Asian convertible issuance in May
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Poly Developments and Holdings Group, China’s biggest builder by contracted sales this year, is considering raising as much as 12 billion yuan ($1.7 billion) via a convertible bond sale, according to people familiar with the matter.
The development comes as state-owned Poly has yet to conduct a private placement of shares for which it announced a plan in December 2022. The convertible—debt that can become equity—would be an alternative funding option to that plan and would also be a private placement, the people said, asking not to be identified.