By William Gullotti
Buffalo, N.Y., Nov. 1 – Poly Property Group Co., Ltd.’s wholly owned subsidiary, Shanghai Poly Property, issued RMB 1 billion of 3.3% domestic corporate bonds, according to a company announcement on Tuesday.
The fourth tranche of domestic corporate bonds has a three-year tenor with the option to extend for an additional two years.
The sale is the first related to the company’s Sept. 19 approval to issue up to RMB 5 billion of domestic corporate bonds within 24 months.
Proceeds will be used to repay project development loans.
The bonds will be listed on the Shanghai Stock Exchange.
Poly Property is a residential and commercial property company based in Hong Kong.
| Issuer: | Shanghai Poly Property
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| Amount: | RMB 1 billion
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| Issue: | Domestic corporate bonds, fourth tranche
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| Tenor: | Three years, with option to extend for two more years
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| Coupon: | 3.3%
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| Issue date: | Nov. 1
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| Listing: | Shanghai
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