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Sino-Ocean unit issues 2B-yuan of 4.70% corporate bonds

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Sino-Ocean unit issues 2B-yuan of 4.70% corporate bonds

A subsidiary of Chinese real estate developer Sino-Ocean Group Holding Ltd. issued 2 billion yuan of 4.70% corporate bonds after receiving approval from China Securities Regulatory Commission.

Sino-Ocean Land Ltd. will use the net proceeds from the issuance to repay existing debt, according to a release.

As of July 26, US$1 was equivalent to 6.79 yuan.