China’s Country Garden to offer up to RMB 500 million three-year bonds

By William Gullotti

Buffalo, N.Y., May 18 – Country Garden Holdings Co. Ltd. intends to issue up to RMB 500 million of three-year domestic corporate bonds through wholly owned subsidiary Country Garden Real Estate Group Co., Ltd., according to an announcement on Wednesday.

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

The total issue size, price and coupon will be determined via a book-building exercise with professional investors on May 20.

The bonds will be listed on the Shenzhen Stock Exchange after issue.

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

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