TPG To Sink $109M Into Chinese RE Developer

Law360, New York (August 26, 2013, 3:45 PM EDT) -- Texas-based private equity powerhouse TPG Capital LP said Monday it will pour $108.6 million into Xinyuan Real Estate Co. Ltd., forging a long-term partnership that will help the developer edge out competitors in land acquisitions and beef up the investment firm's presence in China.

Under the agreement, TPG will swallow $75.8 million in convertible notes set to come due in 2018 that it can convert into Xinyuan common shares at $6 a pop. It will also buy $32.9 million worth of shares outright, at a purchase...
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