Lai Sun Development has launched an exchange offer for $493 million in outstanding notes to manage short-term liquidity challenges.

Hong Kong developer Lai Sun Development, chaired by businessman Peter Lam Kin-ngok, who also chairs the city’s Tourism Board, has launched an exchange offer for its outstanding US$493 million worth of 5 per cent guaranteed notes due July 2026, in an effort to relieve short-term liquidity pressures, the company said Monday in a filing to the Hong Kong stock exchange. Eligible noteholders can swap their existing holdings for new, US dollar-denominated senior guaranteed notes carrying an 8 per cent...