Property developer Louis XIII Holdings has raised about HK$1.638 billion (US$211.25 million) from the placing of new shares and convertible bonds.

It received positive response from institutional investors with around 294 million shares at HK$3.00/share and HK$755 million of convertible bonds at face value have been allocated by CLSA to existing and new institutional investors. The placing price of HK$3.00/share represents a discount of approximately 7.1% to the closing price of HK$3.23/share on December 18 2014.

Stephen Hung, joint chairman of Louis XIII, said, "This placing received great interests from existing and new investors who will further broadened our institutional investors base upon closing on January 8 2015. The proceeds from this placing will enable us to upgrade the design and ensure smooth delivery of our ultra luxury hotel project. "