Hong Kong’s Yuexiu Property gets go-ahead for RMB 8 billion bonds

By Marisa Wong

Morgantown, W.Va., July 27 – Yuexiu Property Co. Ltd. said its 95% owned subsidiary, Guangzhou City Construction & Development Co. Ltd., obtained regulatory approval to issue up to RMB 8 billion of guaranteed interest-bearing corporate bonds in multiple tranches.

The company said it will begin marketing the initial tranche. Pricing will be determined through a book-building process.

The company first proposed the bonds in May and named Guangzhou Securities Co., Ltd. and Jiuzhou Securities Co., Ltd. as the joint lead underwriters.

The company said before that the issuance will diversify its portfolio of financial instruments, effectively reduce financing costs and optimize its debt structure.

Yuexiu is a property developer based in Hong Kong.

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