By Marisa Wong
Morgantown, W.Va., March 22 – Longfor Properties Co. Ltd. announced that indirect subsidiary Chongqing Longhu Development Co. Ltd. issued RMB 3 billion of five-year non-guaranteed bonds with a coupon of 5.6%.
At the end of the third year, the issuer may adjust the coupon rate and investors will have a put option.
This is the subsidiary’s first tranche of rental apartments special bonds. The company obtained regulatory approval in December to issue up to RMB 5 billion of the rental apartments special bonds through public offerings in China.
Longfor is a Beijing investment holding company.
| Issuer: | Chongqing Longhu Development Co. Ltd.
|
| Issue: | Non-guaranteed rental apartments special bonds, first tranche
|
| Amount: | RMB 3 billion
|
| Maturity: | Five years
|
| Coupon: | 5.6%, may be adjusted at end of third year
|
| Put option: | At end of third year
|
| Settlement date: | March 21
|
| Rating: | China Chengxin Securities Rating Co. Ltd.: AAA
|
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