China Developers Country Garden, Midea Secure $3.3B M&A Funding
03/04/22, 3:26 PM
Money raised
$3.3 billion
Chinese property developers Country Garden and Midea Real Estate secured separate mergers and acquisition (M&A) financing facilities worth 21 billion yuan ($3.3 billion) in total, sending their shares sharply higher in Hong Kong.
Company Info
Additional Info
In separate statements late on Thursday, Country Garden said it had signed a deal for 15 billion yuan ($2.37 billion) in M&A facilities with China Merchants, while Midea said it had agreed to a deal with the same lender for 6 billion yuan in M&A funds. Country Garden, the nation’s top developer by sales, said in its official WeChat social media account late on Thursday the facility will help it better seize merger and acquisition opportunities. Separately, Country Garden said in a filing on Thursday it has further repurchased a total of $6 million of 4.75% dollar bond due Jan 2023.