Anindirectly owned subsidiary of China Vanke Co. Ltd. has issued bonds with an aggregateprincipal amount of around HK$1.38 billion and a 2.50% annual interest rate.
BestgainReal Estate Lyra Ltd. will issue the notes, which will mature April 13, 2019,unless earlier redeemed in accordance with the terms, according to an April 13filing.
Thenotes are part of a US$2.00 billion medium-term note program. Vanke Real Estate(Hong Kong) Co. Ltd., another China Vanke unit, served as the guarantor of thebonds. The unit issued the notes to professional investors in Hong Kong andoutside the U.S. to non-U.S. persons.
Further,Sun Hung Kai Properties said an application has been made to The Stock Exchangeof Hong Kong Ltd. for the listing of and permission to deal in the bonds,effective April 14.
Theproceeds from the issuance will be used for working capital, investment andother general corporate purposes.
ABCICapital Ltd. and Agricultural Bank of China Ltd. Hong Kong Branch served as thedealers of the bond issuance.