Beijing Properties Holdings Limited (SEHK:925) announced a private placement of convertible bonds for gross proceeds of $80,000,000 on January 24, 2014. The transaction will include participation from a sole new investor, PAG. The bonds issued will carry an interest rate of 4% per annum in arrears on February 12 in each year.

The bonds will mature on February 12, 2019. The bonds will be convertible at HKD 0.74 ($0.095) per share. The company will issue 838,573,244 shares on conversion.

The company will redeem the bonds at the United States dollar equivalent of an amount equal to 117.25% of their principal amount in Chinese currency together with any accrued but unpaid interest on the maturity date. The company will receive net proceeds of CNY 488,010,000 ($79,591,936.588) in the transaction. The conversion from HKD to $ has been done through www.oanda.com on January 24, 2014.

The conversion from CNY to $ has been done through as per the exchange rate mentioned in the filing. The transaction is expected to close by February 12, 2014 or such later date but not later than February 26, 2014.