China Resources Land to offer RMB 4 billion three-, five-year notes

By Marisa Wong

Morgantown, W.Va., March 29 – China Resources Land Ltd. plans to issue up to RMB 4 billion of medium-term notes in China’s interbank market on April 2, according to a company announcement.

Pricing will be determined through a book-building process.

Citic Securities Co., Ltd. and Agricultural Bank of China Ltd. are the joint lead underwriters.

The notes will be issued in two categories. Category 1 notes will have a term of three years and a base issue size of RMB 2 billion, and category 2 notes will have a term of five years and a base issue size of RMB 2 billion. The amounts may be re-allocated between the two categories.

Proceeds from these 2018 second tranche notes will be used for development of the company’s projects and as additional liquidity.

China Resources Land is a property developer based in Hong Kong.

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