RRJ Capital and Pacific Investment Management Co. led a $500 million bond investment in Hong Kong billionaire Richard Li's Pacific Century Premium Developments Ltd., purchasing approximately 80% of the new notes maturing in May 2029. The deal signals investor confidence as the city begins emerging from a prolonged property slump, with two major firms supporting the offering.

The property developer issued the new bonds with a 7.5% coupon rate to refinance an $800 million bond due June 18. While higher than the 5.125% coupon on the existing debt, the smaller issuance size limits additional interest expenses for PCPD, according to Bloomberg Intelligence analysts who track the sector closely.

PCPD's fundraising success comes as Hong Kong developers face scrutiny amid the city's property market recovery. The investment by major financial firms suggests select developers can still access capital despite challenging market conditions, with PCPD developing premium properties across Asia including Hong Kong, Japan, Thailand and Indonesia.