China Properties Group Limited (SEHK:1838) announced a private placement of a convertible note at HKD 500,000,000 per note for gross proceeds of HKD 500,000,000 with Hillwealth Holdings Limited on January 27, 2012. The company will have net proceeds of HKD 499,000,000 in the transaction. The notes will be exercisable at HKD 2.42 per note into 206,611,570 shares of the company. The notes carry interest rate at 5% per annum, payable in arrears on the second anniversary of the date of issue of the note and thereafter annually on the anniversary of such date. The notes will mature on the fourth anniversary of the date of the issue of the notes. The transaction is expected to be completed on the 5th business day following the date on which the conditions precedent are fulfilled or such other date as the company and the investor may agree for the issue of the note. The note will have a convertible period of 36 months. The note holder will have the right to convert the whole or part of the principal amount into shares at any time and from time to time up to the fourth anniversary of the date of issue of the note in amounts of HKD 10,000,000 or its integral multiples on each conversion. On February 21, 2012, the company and the investor entered into a supplemental agreement to amend the maturity date of the convertible note from the fourth anniversary of the date of issue of the convertible note to the sixth anniversary of the date of issue of the convertible note and extend the period for conversion of the convertible note from up to the fourth anniversary of the date of issue of the convertible note to up to the sixth anniversary of the date of issue of the convertible note. On February 28, 2012, the company announced that Ample Capital Limited will act as the placement agent in the transaction. On 16 March, 2012, the company announced that it has received approval from the extra-ordinary general meeting by the way of poll.