China’s Longfor gives details of rental apartments special bonds

Chicago, Feb. 27 – Longfor Group Holdings Ltd. said that it will issue a first tranche of up to RMB 3 billion of 2020 rental apartments special bonds to qualified investors on March 3 and March 4.

Indirect subsidiary Chongqing Longhu Development Co. Ltd. will issue the bonds which will come in two floating-rate parts, a five-year note and a seven-year notes, according to a notice.

The five-year notes are talked at 2.7% to 3.7%, subject to adjustment and putable in the third year.

The seven-year notes are expected to come with an initial rate of 3.3% to 4.3%, putable and subject to adjustment at the end of the fifth year.

The notes are expected to price on March 2, post bookbuilding.

The notes will not be guaranteed.

China Chengxin Securities Rating Co. Ltd. has assigned a rating of AAA to the bonds.

Longfor is a Beijing investment holding company.

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