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Longfor Group's December contracted sales grow YOY to 19.80B yuan

Longfor Group Holdings Ltd.'s contracted sales in December 2019 increased to 19.80 billion yuan from 18.47 billion yuan in the prior-year period.

The unaudited sales figure for the reporting month corresponds to 1,087,000 square meters of contracted gross floor sales area.

For the year ended Dec. 31, 2019, the Chinese property group's contracted sales rose 20.86% year over year to 242.50 billion yuan from 200.64 billion yuan. The full-year sales figure, which surpassed the company's target, reflected 14,238,000 square meters of contracted gross floor sales area, according to a Jan. 7 filing.

Longfor Group also said in a separate same-date filing that it plans to issue US$250.0 million of 3.375% senior notes due April 13, 2027, and US$400.0 million of 3.85% senior notes due Jan. 13, 2032.

The 2027 notes will be offered at a price equivalent to 99.940% of its principal amount, while the 2032 notes will be offered at a price corresponding to 99.857% of its principal amount. The group noted that it obtained in-principle approval from the Singapore stock exchange for the listing of the notes.

The estimated gross proceeds of US$649.3 million from the issuance will be used for refinancing and corporate purposes, the company added.

Citigroup Global Markets Ltd., Goldman Sachs (Asia) LLC, Haitong International Securities Co. Ltd., HSBC and Morgan Stanley & Co. International PLC are the joint global coordinators, joint book runners and joint lead managers for the issuance.

As of Jan. 7, US$1 was equivalent to 6.94 yuan.