Yuexiu Property applies to offer RMB 9.4 billion corporate bonds

By William Gullotti

Buffalo, N.Y., Feb. 10 – Yuexiu Property Co. Ltd., via its 95% owned subsidiary, Guangzhou City Construction & Development Co. Ltd., is planning an offering of guaranteed corporate bonds totaling up to RMB 9.4 billion (Chengxin: AAA), according to an announcement on Friday.

The bonds will be issued by the subsidiary and guaranteed by Guangzhou Yue Xiu Holdings Ltd., the ultimate controlling shareholder of Yuexiu.

The listing application was submitted to the Shanghai Stock Exchange.

Proceeds from the proposed issuance will be used for repayment of the principal and interest of corporate bonds that were due and sold back, as well as repayment of other interest-bearing borrowings.

Yuexiu is a property developer based in Hong Kong.

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