Sino Land completes CB

Hong Kong property developer Sino Land completed a HK$2 billion ($256 million) convertible late Tuesday night raising funds to replenish its land bank. Some form of equity issuance had been expected for a while given the increasingly fevered mindset of Hong Kong property developers and the company's share price performance - up 62% year-to-date. Analysts, therefore, believe the new deal should relieve overhang issues, although the stock is likely to trade down when it re-opens today (Thursday) thanks to short-selling pressures generated by the convertible.