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CCCG Real Estate board approves 26.96B-yuan capital raising program

CCCG Real Estate Corp. Ltd received unanimous approval March 16 from its board of directors for its 2018 capital-raising plan, which is not to exceed approximately 26.96 billion yuan.

Under the plan, the real estate developer headquartered in Chongqing, China, will be able to draw on non-bank loans, short-term interbank funding and medium-term note issuances to raise capital. The interest rate accompanying these financing instruments is not to exceed 10%, according to a filing.

As of March 16, US$1 was equivalent to 6.33 yuan.