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China Merchants taps placing agent for up to 1.9B-yuan bond issue

China Merchants Land Ltd. tapped Ping An of China Securities (Hong Kong) Co. Ltd. as its placing agent for its planned bonds issuance of up to 1.9 billion yuan.

The bonds will bear a 4.6% yearly interest rate and will mature Dec. 18, 2021.

The Hong Kong-based real estate developer intends to use net proceeds from the offering to refinance debt and for its working capital.

As of Dec. 12, US$1 was equivalent to 6.88 yuan.