Kerry Properties to update bond investors-source

HONG KONG Aug 28 (Reuters) - Kerry Properties (0683.HK) will meet bond investors next week to update them on the company, a source with knowledge of the plans said on Thursday, just as a growing number of Asian companies look at potential debt sales.

The property investor and developer will meet bond investors in Hong Kong on Sept. 1 via arrangers Deutsche Bank (DBKGn.DE), the source said. It will then meet investors in Singapore on Sept. 2, and go on to London for presentations the following day.

"It's an investor credit update. They just announced semi-annual results so they will be meeting with our credit investors to bring them up to speed. That's all it is," said the source, declining to be identified because he was not authorised to talk to the media.

Kerry Properties announced last week stagnant first half results, with net profit up 1 percent to HK$2.48 billion ($317.7 million) in the January-June period compared to a year ago.

After a very slow August, an increasing number of Asian issuers are expected to sell debt starting in September, and companies are believed to be testing investors to gauge appetite for potential deals, according to market sources.

Kerry Properties last tapped markets in August 2006 with a $420 million offering of bonds maturing in 2016 issued by subsidiary Gain Silver Finance. BM026517346=.

The issuance had been rated BBB-minus by Standard & Poor's, the lowest investment-grade level. ($1=7.807 Hong Kong Dollar) (Reporting by Rafael Nam; Editing by Jonathan Hopfner)