China Properties Group Ltd.'s Cheergain Group Ltd. subsidiary is expecting to net an estimated US$220.5 million from its issuance of US$226.0 million in 15.0% senior notes due Oct. 15, 2021.

The anticipated proceeds will be used to refinance the group's existing debt, according to a filing.

The notes, which will be listed on the Hong Kong stock exchange, are offered at a price equal to 100.0% of the principal amount. They will be guaranteed by certain subsidiaries of Cheergain Group, China Properties added.