in Switzerland to finance real estate developments in Shanghai, one of China's busiest commercial cities.

Ryoden Development Corporation becomes the first Bermuda company to make such an offer in Switzerland.

The share offering is in part being handled by Appleby, Spurling and Kempe, which has offices both in Bermuda and Hong Kong.

AS&K Hong Kong representative Mr. William Cherenkoff told The Royal Gazette : "Our firm was fortunate to have been selected to assist with the first issue of this type.

"It is apparent that the success of the issue will lead to additional issues in the future in Switzerland, Germany and perhaps other countries in Europe as well.

"Following on the success of the Brilliance China, EK Chor and China Tire listings in New York over the course of the last 12 months, the issue of the convertible notes represents another phase in the evolution and recognition of Bermuda as the premier offshore financing jurisdiction.'' On December 15, The South China Morning Post reported Ryoden managing director Mr. Raymond Hu saying that the issue "is an advantageous way to raise additional capital in the international capital market.

"The net proceeds are intended to be used to finance property development projects, particularly residential and commercial property development projects for domestic purchasers in Shanghai.'' The five-year notes, which will pay interest of three percent a year, will not be listed on any stock exchange or offered for sale in Hong Kong.

They will be convertible between February 1 next year and December 14, 1998 into Ryoden shares.

The issue has been arranged primarily by PruAsia DBS and managed by Swiss Bank Corp.