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Jinmao (China) Hotel unit completes short-term notes issuance

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Jinmao (China) Hotel unit completes short-term notes issuance

Jinmao (China) Hotel Investments and Management Ltd. said its unit China Jin Mao (Group) Co. Ltd. completed the proposed issuance of the second tranche of short-term notes Aug. 2.

The 1 billion yuan bonds, with a 365-day maturity period, have been priced at 4.65% per annum coupon rate.

China Minsheng Banking Corp. Ltd. served as underwriter of the notes, that are secured to repay the subsidiary's debt for its mid-term notes due Aug. 7.

As of Aug. 2, US$1 was equivalent to 6.72 Chinese yuan.