Hong Kong property developer Bermuda-registered Hongkong Land Holdings to double the size of its new ten-year dollar bond to US$600 million on Wednesday, co-lead manager Goldman Sachs said.

A Goldman Sachs spokesman said the issue, made through HongKong Land Finance (Cayman Islands) Company Ltd., has a seven percent coupon and is priced at 195 basis points over US Treasuries, for a yield to maturity of 7.134 percent, and a US dollar price of 99.054 cents.

The spread of about 195 basis points over US Treasuries is in line with market expectations and reflects strong demand for Hong Kong corporate dollar bonds, which are in limited supply.

Analysts said Hongkong Land, a Singapore-listed member of the Jardine Group, offers stable earnings from rentals as the biggest landowner in Hong Kong's central business district. The company is expected to use the proceeds of the issue to refinance existing debt.

Goldman Sachs, HSBC and J.P. Morgan were joint lead managers of the issue which was rated A3 by Moody's Investors Service and A- by Standard & Poor's.