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SOCAM Development cancels plan to issue US dollar senior notes

SOCAM Development Ltd. has shelved a plan to issue U.S. dollar senior notes, citing unfavorable market sentiment, the company said in a Sept. 24 statement.

The developer and investor of properties in China and Hong Kong previously said it appointed UBS to arrange the bond offering to refinance its debt.

In addition, the company said it plans to buy back about US$8.58 million of U.S. dollar notes due May 2020 on or about Sept. 30.