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Hangzhou Binjiang to carry out 6.5B yuan commercial paper issuance

Hangzhou Binjiang Real Estate Group Co. Ltd. will issue a maximum of 6.50 billion yuan of commercial paper, a short-term unsecured debt facility.

The interest rate accompanying the commercial paper issuance has yet to be determined, with the Chinese property developer saying it will be determined by prevailing market conditions. The short-term debt issuance will carry a maturity period not exceeding one year, according to a filing.

The company plans to channel proceeds from the issuance toward replenishing its liquidity, repaying existing loans and other corporate purposes.

As of March 15, US$1 was equivalent to 6.32 yuan.