China’s Country Garden to offer RMB 3.4 billion five-year bonds

By Marisa Wong

Los Angeles, March 25 – Country Garden Holdings Co. Ltd. said it plans to offer up to RMB 3.4 billion of five-year bonds.

The issuer, wholly owned subsidiary Country Garden Real Estate Group Co., Ltd., and the lead underwriter will conduct a book-building exercise on March 26, according to a company announcement.

The bonds will have a coupon adjustment option and put option at the end of the third year.

Country Garden had recently obtained regulatory approval to issue up to RMB 8,538,000,000 of bonds in tranches. This will be the company’s first tranche.

Country Garden is a Foshan, China, real estate developer.

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