Joy City unit OK’d to sell up to RMB 4 billion corporate bonds

By William Gullotti

Buffalo, N.Y., March 23 – China’s Joy City Property Ltd. received approval to sell up to RMB 4 billion of domestic corporate bonds (Chengxin: AAA) on March 14, according to an announcement on Thursday.

The bonds will be issued by Cofco Commercial Property Investment Co., Ltd., an indirect non-wholly owned subsidiary of the company.

The bonds may be issued in tranches with tenors not to exceed 10 years, bearing fixed-rate coupons as determined via book building.

China Securities Co., Ltd. and China Merchants Securities Co., Ltd. are the joint underwriters for the offering, with China Securities as lead.

After issue, the bonds will be listed on the Shenzhen Stock Exchange.

Joy City is a real estate company based in Hong Kong and is a member of the Cofco Group.

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