Henderson Land Shares Tumble After $1 Billion Convertible Sale

Henderson Land Development Co. shares fell by the most in nearly four years after the property developer secured HK$8 billion ($1 billion) from the sale of convertible bonds.

The stock dropped 11%, the most since September 2021, early on Wednesday. The Hong Kong firm issued the bonds through Happy Ever Holdings Ltd., an indirectly wholly owned unit, according to an exchange filing. The notes due in 2030 will be convertible into Henderson shares.