Greentown tender offer and exit consent gets investor approval

Chinese residential property developer Greentown China Holdings' cash tender offer and exit consent has secured the support of investors, as the company restructures its capital structures.

Greentown closed its tender offer and consent solicitation to purchase any and all of its outstanding US$400 million 9.00% senior notes due 2013. In doing so, it became the latest China-based company to seek to undertake such a transaction but the first to receive overwhelming investor approval.