Country Garden Holdings subsidiary to issue RMB 6 billion of bonds

By Toni Weeks

San Luis Obispo, Calif., July 29 –Country Garden Holdings Co. Ltd. wholly owned subsidiary ZengCheng Country Garden Property Development Co. Ltd. is looking to issue RMB 6 billion of domestic bonds in multiple tranches.

The first tranche will not exceed RMB 3 billion and will be issued in the third Quarter of 2015, according to a company notice.

The coupon will be determined through a book-building exercise and is subject to market conditions and investors’ interest, the company said.

GF Securities Co., Ltd., Essence Securities Co., Ltd. and Ping An Securities Co., Ltd. will be the joint underwriters for the proposed issue.

The proceeds will be used to refinance some of the Group’s existing debt and for general working capital purposes.

Country Garden is a Foshan, China-based real estate developer focused on large-scale residential communities.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.