HSBC is adviser to China Overseas Land & Investment
HSBC acted as the Sole Financial Adviser to China Overseas Land & Investment Ltd. (COLI) on its HK$2.5-billion Open Offer announced on 10 December 2008. The Open Offer was completed on 30 January 2009 and achieved 16.6 times oversubscription of shares available for excess application.
The transaction showcases HSBC’s strong capability to advise large PRC companies to support its long-term growth strategy across the economic cycles. It strengthens the capital base and enhances the financial position and net assets base of COLI under the prevalent financial market condition.
COLI is one of the largest property developers in the PRC and is a constituent of the Hang Seng Index as well as the Standard & Poors Global Property 40 Index with a market capitalisation of approximately HK$81.6 billion (US$10.5 billion) as of 5 February 2009.