So what was begun some months ago, is about to be announced. A bridge to equity. China giant backs Goodman's property trust initiative. This is very significant . The ramifications of this are enormous. China Investment Corporation (CIC) is taking a $500M preference share placement CIC is a $200B giant with ready access to infinite funds and massive pipeline of industrial development in China alone. Yesterday Mr Swan announced the slackening of foreign controls on investment and partnerships. There is to be $1.3B capital raising at 40C in a 1 for 1 entitlements issue. “More crucially, it is expected to announce that its lenders have agreed to extend some $4bn of debt beyond 2012, in what has been described as a "comprehensive capital management solution".” CIC likes industrial property. Macquarie Capital has underwritten this………….I suppose with RBS and JPM
Yes a bridge to equity
GMG Price at posting:
44.5¢ Sentiment: Hold Disclosure: Held
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