Yuexiu Property subsidiary plans to issue up to RMB 1.5 billion five-, eight-year bonds

By Rebecca Melvin

New York, March 17 – Yuexiu Property Co. Ltd.’s 95% owned subsidiary, Guangzhou City Construction & Development Co. Ltd., is planning to price up to RMB 1.5 billion of guaranteed corporate bonds in two tranches, according to a news release.

An issue of five-year bonds will be non-callable for three years and will have a put at year three.

An issue of eight-year bonds will be non-callable for five years and will also be putable.

Coupon rates will be determined after book-building, and the offering is subject to market conditions, and therefore, may or may not proceed, the company said.

The company issued RMB 1.5 billion of bonds in October 2018 and RMB 2.5 billion in May 2019 under an approved program for up to RMB 7 billion of guaranteed corporate bonds issuance.

Yuexiu is a property developer based in Hong Kong.

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