Investors are pouring money into the mainland property sector despite concerns Beijing will implement another round of tightening measures to cool the market. Meanwhile, developers are cashing in. Mainland developer SPG Land (Holdings) was planning to raise as much as US$150 million from a convertible bond sale to fund existing projects, according to a sale document sent to investors yesterday. 'The bond sale was covered within a few hours after launch despite poor market sentiment,' a source said. DBS and Morgan Stanley are helping in the sale. Meanwhile, shares of Country Garden Holdings, a Guangdong developer, are expected to make a strong debut in Hong Kong today after trading 38 per cent higher in the grey market. The firm raised HK$12.9 billion in an initial public offering after pricing the shares at HK$5.38 each, the top end of the indicative range. The retail portion was 255.7 times subscribed, tying up about HK$329 billion. It was the hottest offering since the float by Industrial and Commercial Bank of China. The probability of an applicant getting a 1,000-share lot was 25 per cent, Country Garden said in statement filed with the Hong Kong stock exchange. In the third large convertible bond sale in the past four days, SPG is issuing five-year yuan-denominated zero-coupon bonds priced to yield 2 to 2.5 per cent semi-annually, with a conversion premium of 33 to 38 per cent to the reference price of HK$5.99 per share, the stock's last traded price before it was suspended yesterday. On Monday, China Overseas Holdings raised US$500 million from selling bonds convertible into shares of its Hong Kong-listed unit, China Overseas Land & Investment, a day before oil refiner Sinopec Corp offered US$1.5 billion in convertible bonds. SPG has an option to redeem the bond three years after issuance, while investors have the option to sell it back to SPG. The SPG deal was the second yuan-denominated bond issue in Hong Kong. Hopson Development Holdings in January raised 1.83 billion yuan in an offering.