Chinese property developer makes high-yield offering

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    Agile Property Holdings issued a $650 million Rule 144A/Regulation S offering of its high-yield notes due 2017. Agile is one of China's largest property…

    Agile Property Holdings issued a $650 million Rule 144A/Regulation S offering of its high-yield notes due 2017. Agile is one of China's largest property developers, focusing on the development and sale of large-scale residential properties in China.

    Merrill Lynch International, Morgan Stanley, Deutsche Bank, Singapore branch, and Standard Chartered Bank were the initial purchasers. They were all advised by Davis Polk & Wardwell in Hong Kong. The team was led by William Barron and was assisted on tax advice by John Paton of the Davis Polk London office. Commerce and Finance Law Offices served as PRC counsel to the initial purchasers.

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