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HONG KONG, April 9 (IFR) – Lifestyle International Holdings said it spent US$128.7m to buy China Evergrande Group bonds on the open market on April 7 with an aggregate principal value of US$170m.
The operator of Hong Kong’s popular Sogo department stores said in a stock exchange filing that the purchase could boost the overall investment returns on its portfolio of financial assets.
The bonds comprised US$60m of 11.5% notes due October 24 2022 that it bought for US$45.2m, US$60m of 12.00% due October 24 2023 for US$45.9m, and US$50m of 10.5% notes due April 11 2024 for US$37.6m. The 2022s and 2023s were issued through Evergrande’s 63.5%-owned unit Hengda Real Estate Group and the 2024s were issued directly by Evergrande.
The purchases come after Lifestyle International in January disclosed a US$150m investment in Evergrande’s newly issued bonds.
Hong Kong property tycoon Joseph Lau’s wife, Kimbee Chan, and other family members are frequent investors in Evergrande bonds. Lifestyle International is part of Lau’s family business empire.
(Reporting by Carol Chan; Editing by David Holland)
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