The HK-listed Sino-Ocean Land, a mainland-focused property developer, said Monday it expected to raise 650 million U.S. dollars, with upside option 250 million U.S. dollars, from a proposed convertible securities issue.

In a statement filed with the Hong Kong stock exchange, the developer said the initial conversion price of the convertible securities was set at 6.85 HK dollars (88 U.S. cents) per share, subject to adjustments.

The convertible securities are expected to bear distribution at 8 percent per annum, payable semi-annually, according to the statement.

Sino-Ocean Land said it would begin marketing efforts to institutional investors immediately. In connection with the offering, it would provide certain institutional investors with recent corporate and financial information.

The company said it intended to use the proceeds to finance new and existing projects, including construction costs and land costs, and for general corporate purposes.

Shares of Sino-Ocean Land closed at 5.94 HK dollars, up 0.34 percent. (1 U.S. dollar equals to 7.776 HK dollars)