China's Zhong An Real Estate delays three-year renminbi notes

By Christine Van Dusen

Atlanta, Jan. 31 - China's Zhong An Real Estate Ltd. has delayed its planned issue of three-year renminbi-denominated notes, a market source said Monday.

Barclays Capital and UBS were the bookrunners for the Regulation S notes, which were talked at a yield in the 12½% area and were to be payable in dollars.

Proceeds were to be used for general corporate purposes and to fund land acquisitions.

The decision to delay the offering comes as China seeks to slow down the property market with several measures, including the raising of down payments, a ban on additional home purchases for buyers who already own two or more properties, and a 5½% tax on all properties sold within five years of their purchase.

Zhong An Real Estate is a property developer based in Zhejiang Province, China.

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