Everyone loves a dividend paying stock, but there are other factors to look out for besides a simple dividend yield figure when it comes to dividend investing. Today, we use a seemingly high dividend yielding stock like China Merchants Holdings Pacific (CMHP) to illustrate what we call negative dividend yield. Business Description CMHP is part of the China Merchant Group – a state owned corporation of China. The company currently operates 5 toll roads in China. Dividend Record As one can easily see from the company’s website, CMHP has an excellent dividend record. Based on its last close price of SGD1.030, the dividend yield for 2014 translates to a high 6.8% which is bound to capture the attention of dividend junkies. In comparison, REITs currently have an average yield of 6.7% so it is not difficult to see the appeal of CMHP as a dividend play. In addition, ......