Property developer Chuang's China Investments will place 328 million warrants at 11 cents each to raise $33.7 million for property development projects in the mainland. The warrants allow holders to subscribe to shares at 49 cents a share before June 30, 1999. The issue price, together with the conversion price, represents a 13.04 per cent discount to the closing price of 69 cents on September 15, when the stock was last traded. If all warrants are fully exercised, Chuang's will reap $196.8 million.
