China-based Yuzhou Properties’ Xiamen unit plans RMB 3 billion bonds

By Marisa Wong

Morgantown, W.Va., Nov. 16 – China’s Yuzhou Properties Co. Ltd. plans to issue up to RMB 3 billion of domestic corporate bonds through indirect wholly owned subsidiary Xiamen Yuzhou Grand Future Real Estate Development Co. Ltd., according to a company announcement.

The company received approval for the proposed bonds from the China Securities Regulatory Commission on Nov. 11. The approval is valid for two years, with the first tranche to be issued within one year.

Proceeds will be used to repay debt and for general working capital.

Golden Credit Rating International Co., Ltd. has assigned a rating of AA to the bonds.

Yuzhou is a property developer based in Hong Kong.

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