Shares in Sino Land fell 8.6 per cent yesterday following its proposal to issue up to HK$1.5 billion of convertible bonds. The issue's co-ordinator, Merrill Lynch equity capital market managing director Kenneth Poon, said it was 3.5 times over-subscribed. He said 90 per cent of subscribers were institutional investors from Asia, Europe and the United States. He said the subscription response indicated that investors had started to accept Hong Kong dollar-denominated convertible bonds.