BOND DEFERS RIGHTS ISSUE, MULLS PROJECT PARTNERS
<Bond Corp International Ltd>, a
subsidiary of the Australian-based Bond Corp Holdings Ltd
<BONA.S>, said it would defer its planned rights issue but
still wants the issue to be made before July 31.
    No date has been set for the issue, announced in January.
    In a document to shareholders, Bond Corp said the delay
follows its receipt of a 240 mln H.K. Dlr loan from its parent
company to meet the first payment on the newly acquired Bond
Centre commercial complex in central Hong Kong.
    It also wants outside partners to take up to 50 pct in the
project, the company said.
    The January announcement said the rights issue would
finance Bond Corp's 1.4 billion dlr acquisition of a 23.77 pct
stake in HK-TVB Ltd <TVBH.HK> from film magnate Run Run Shaw.
    The company then reached an agreement with a consortium led
by Sino Land Co Ltd <SINO.HK> to buy a commercial complex that
is still under construction for 1.9 billion dlrs.
    Bond International said in the document that except for the
240 mln dlr loan, the deal would be financed from internal
resources and by selling an interest in the building.
    The payments must be completed by the end of 1987.
    Bond International has also sold several residential
buildings in Hong Kong's mid-levels district for a total of
68.35 mln dlrs, the statement said.
    The flats were among the properties it bought last year
from Hongkong Land Co Ltd <HKLD.HK> for 1.4 billion dlrs.
    Analysts said Bond International is heavily geared as it
has relied on bank borrowings to purchase both the Hongkong
Land properties and the HK-TVB shares.
    Bond International also said in the document that while it
plans to sell an interest in the complex it will hold the
HK-TVB shares as a long-term investment.
 REUTER
