Poly Developments and Holdings Group, China’s biggest builder by contracted sales this year, is considering raising as much as 12 billion yuan ($1.7 billion) via a convertible bond sale, according to people familiar with the matter.

The development comes as state-owned Poly has yet to conduct a private placement of shares for which it announced a plan in December 2022. The convertible—debt that can become equity—would be an alternative funding option to that plan and would also be a private placement, the people said, asking not to be identified.

https://www.bloomberg.com/news/articles/2024-06-03/chinese-developer-poly-mulls-1-7-billion-convertible-bond-sale