China’s Country Garden plans RMB 4 billion bonds for fourth quarter

By Marisa Wong

Morgantown, W.Va., Oct. 30 – China’s Country Garden Holdings Co. Ltd. is looking to issue up to RMB 4 billion of domestic corporate bonds in the fourth quarter of 2015, according to a company notice.

GF Securities Co., Ltd. is the lead manager for the proposed issuance.

Wholly owned subsidiary Zengcheng Country Garden Property Development Co. Ltd. will be the issuer.

This will be the first tranche under the company’s previously proposed RMB 8 billion of domestic bonds.

Pricing will be determined through a bookbuilding process.

Proceeds will be used for refinancing existing debt and for general working capital purposes.

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

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