PAG agrees $150m investment in Chinese property developer
PAG’s absolute returns division will invest in China-focused shopping mall operator Zall Development Group through a $100 million convertible bond issue, with the option to subscribe to a further $50 million worth of bonds. Assuming full conversion, the private equity firm would own 9.75% of the Hong Kong-listed developer.
Pacific Alliance Asia Opportunity Fund, which closed on $275 million in 2006, will subscribe to the bonds, which have an interest rate of 5.5% per annum and will mature in June 2018. They convert into...
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