Eversheds’ Hong Kong office has advised New World China Land, the mainland property flagship of Hong Kong property giant New World Development on a rights issue to raise up to HK$4.3 billion ($553 million).

The Chinese company will issue up to 2,917 million shares to raise long-term equity funding for refinancing the Company’s existing borrowings and debts and to strengthen the company’s long-term capital base and enhance its financial resilience.

“We have worked with the New World group for many years now, advising on a string of fundraising transactions and acquisition,” said Stephen Mok, Eversheds partner and head of the firm’s corporate practice in Hong Kong, who led the team. “The present rights issue has been one of the largest to date and we are confident that there will be appetite for investment in such a diverse company. The funds raised will put New World China Land in a strong position for the future as the company continues on its strategy for expansion.” ALB

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