Hong Kong's Baoye Group to issue up to 500 million renminbi of short-term paper

By Reshmi Basu

New York, Dec. 23 - Baoye Group Co. Ltd said it plans to issue up to 500 million renminbi of short-term commercial paper upon receiving shareholders approval.

The tenor will not exceed 365 days.

Proceeds from the sale will be use for working capital.

Additionally, the company said the issuance will lower its interest costs and would diversify its capital raising channels.

Baoye Group is principally engaged in property development in the People's Republic of China.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.