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China Jinmao subsidiary plans 2B-yuan note offering under 10B-yuan debt shelf

China Jinmao Holdings Group Ltd.'s Jinmao Investment Management (Shanghai) Co. Ltd. subsidiary is planning to issue 2.00 billion yuan worth of unsecured perpetual medium-term notes under its 10.00 billion-yuan debt shelf.

Proceeds from the proposed offering will be used by Jinmao Investment for the development and construction of its property projects and to pad up its working capital, according to a filing.

The planned issuance represents the first batch of the first tranche of the two-year debt program that was approved by China's National Association of Financial Market Institutional Investors Dec. 12. The debt shelf comprised two tranches of up to 5.00 billion yuan each, the Hong Kong-listed developer added.

As of Dec. 13, US$1 was 6.88 yuan.