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Jinmao (China) Hotel unit to issue short-term notes

Jinmao (China) Hotel Investments and Management Ltd.'s unit China Jin Mao (Group) Co. Ltd. plans to issue a second tranche of short-term notes under its 1 billion-Chinese-yuan program.

The coupon rate on the notes, to be issued in China's national interbank market, will be determined following a centralized book-building process. Proceeds from the issue will be used to repay the subsidiary's debt for its mid-term notes due Aug. 7.

The proposed notes issue is subject to market situations along with fulfillment of certain conditions, and may or may not materialize, the company said in a release.

The debt issuance program has a two-year term commencing from the June 27, 2016, registration date.

As of Aug. 1, US$1 was equivalent to 6.72 Chinese yuan.