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Road King unit gains approval for 2.5B-yuan bond issuance

Road KingInfrastructure Ltd.'s unit gained approval from the ChinaSecurities Regulatory Commission for a proposed issuance of up to 2.5 billionChinese yuan of bonds.

Beijing RK Junyu Properties Developments Ltd. plans to issuethe bonds to qualified investors in China. The issuer could implement theissuance in tranches and is subject to the market conditions.

The first tranche issuance would be completed within 12 monthsfrom July 12, while the remaining tranches would completed within 24 monthsfrom the said approval date.

An application for the listing of and permission to deal inthe notes will be filed with the Shanghai Stock Exchange, according to RoadKing Infrastructure.

As of July 18, US$1was equivalent to 6.70 Chinese yuan.