Asia-focused investment firm PAG has agreed to invest up to US$150 million in Chinese shopping mall operator Zall Development Group. PAG Alliance Asia Opportunity Fund will purchase US$100 million in convertible bonds issued by Zall, with the option to purchase up to US$50 million in additional convertible bonds. If both bond issues are purchased and converted, PAG will own a 9.75 percent equity stake in the Hong Kong Stock Exchange-listed company.