A unit of Hong Kong-listed developer Yuexiu Property Co. Ltd. will issue 800.0 million yuan of corporate bonds as the first tranche of its proposed issuance of up to 7.00 billion yuan of bonds.

The first-tranche issuance by Guangzhou City Construction & Development Co. Ltd. can be overallotted to a maximum of 700.0 million yuan.

The first-tranche bonds will comprise three-year bonds and five-year bonds, both with a fixed coupon rate.

The company will use the proceeds to repay loans and relevant interests.

As of Oct. 15, US$1 was equivalent to 6.92 yuan.