A Jinmao (China) Hotel Investments and Management Ltd. unit closed its offering of 700 million yuan of short-term notes in China's national interbank market.

The notes bear interest at 4.27% per annum and have a maturity period of 270 days.

China Jin Mao (Group) Co. Ltd. will use the proceeds to finance debt repayment of its short-term notes due Aug. 2.

China Minsheng Banking Corp. Ltd. was the underwriter of the notes offering.

As of July 27, US$1 was equivalent to 6.81 yuan.