China’s Midea intends to issue up to RMB 1.3 billion five-year notes

Chicago, July 30 – Midea Real Estate Holding Ltd. said indirect wholly owned subsidiary Midea Real Estate Group Co. Ltd. plans to issue up to RMB 1.3 billion non-guaranteed five-year notes.

The issue is the second tranche of corporate bonds of an offering of RMB 3.144 billion, approved by the China Securities Regulatory Commission on May 31, according to a company notice.

The coupon for the second tranche will be determined through a bookbuilding exercise.

The notes will be putable after the third year, at the same time the coupon interest rate may reset.

Shengang Securities Co., Ltd. is appointed as lead underwriter and Zhongshan Securities Co., Ltd. is the joint underwriter.

Proceeds will be used for repayment of the issuer’s corporate bonds.

The first tranche was issued on July 4. That issue was RMB 1.7 billion with a 5.2% coupon, maturing on July 4, 2023.

Midea operates as a holding company based in Foshan, China, and provides property management, property sales, property development and other services.

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