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Joy City Property subsidiary to issue 3B yuan corporate bonds

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Joy City Property subsidiary to issue 3B yuan corporate bonds

Joy City Property Ltd. will issue the first tranche of its up to 3 billion yuan domestic corporate bonds of its unit Cofco Commercial Property Investment Co. Ltd.

The first tranche bonds will be issued to qualified investors from Jan. 8-9 and will be divided into six-year fixed rate bonds and seven-year fixed rate bonds.

The coupon rate for the six-year bonds will be 3.94% and the coupon rate for the seven-year bonds will be 4.10%, based on book building results.

The commercial property developer received approval from the China Securities Regulatory Commission in July 2018 for its subsidiary's bond issuance.

Separately, the company said the actual issue size for the 3.94% and 4.10% bonds will be approximately 1.66 billion yuan and 700.0 million yuan, respectively.

As of Jan. 7, US$1 was equivalent to 6.85 yuan.