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Yuexiu Property unit completes 2B yuan bonds issue

YuexiuProperty Co. Ltd.'s unit completed the public of 2.00 billion Chinese yuan inguaranteed corporate bonds in China.

The issue is the third tranche of an 8 billion-yuan bondprogram and wasissued by Guangzhou City Construction & Development Co. Ltd. YuexiuProperty owns a 95% stake in the unit.

Of the aggregate principal amount of the issued bonds, 1.5billion yuan was issued for the type 5 bonds at a coupon rate of 2.95% and 500million yuan was issued for the type 6 bonds at a coupon rate of 3.15%.

Yuexiu Property said that proceeds from the third-trancheissuance will be used to repay loans and replenish liquid capital, according toan earlier report.

As of Sept. 28, US$1was equivalent to 6.68 Chinese yuan.