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Beijing Capital Land seeks approval for 13B-yuan capital raising plan

Beijing Capital Land Ltd. is seeking shareholder approval for its plan to publicly issue up to 3 billion yuan of corporate bonds and to establish a maximum 10 billion-yuan medium-term note program.

The bonds that will be issued in the planned offering, as well as the notes that will be drawn from the proposed program, can be issued in a single tranche or in multiple tranches, according to a filing. Beijing Capital noted that it intends to issue unguaranteed debt, carrying a nominal value of 100 yuan and a maturation term not exceeding 10 years.

Proceeds from the proposed capital raising initiatives will be used for the company's investment in projects, construction of developments, and to replenish working capital and/or repay corporate debt, among other purposes.

Both proposals will be voted on during an extraordinary general meeting March 20 at the diversified real estate developer's headquarters in Beijing.

As of March 5, US$1 was equivalent to 6.35 yuan.