said April8 that it received approval for the registration of not more than 20 billion Chineseyuan of bonds in China.
TheNational Association ofFinancial Market Institutional Investors approved the company's application to registerthe medium-term notes. It plans to issue the bonds in tranches in the interbankmarket.
The companynoted that the approval does not immediately mean that the proposed issuance willtake place. It advised shareholders and potential investors to be careful in dealingwith the company's securities.
ChinaResources Land previously saidthe first tranche of the issuance has a proposed principal amount of 5 billion yuan,with the coupon rate to be determined upon the completion of a bookbuilding processsubject to market conditions and investors interest.
The Chinese developer plans to use proceeds from the first-tranchenotes to fund construction projects and to replenish its liquidity.
As of April 8, US$1 was equivalentto 6.47 Chinese yuan.