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Powerlong unit gains approval for 3B yuan bond program

Powerlong Real Estate Holdings Ltd.'s unit gained approval for its issuance of medium-term notes in China worth up to 3.0 billion Chinese yuan.

The National Association of Financial Market Institutional Investors approved Shanghai Powerlong Industrial Development Co. Ltd.'s proposed registration and issuance of the notes. The registration will be valid for a two-year period from March 27.

As of April 7, US$1 was equivalent to 6.90 Chinese yuan.