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Longfor unit to issue 3rd tranche of 11.8B Chinese yuan bonds

LongforProperties Co. Ltd.'s unit will issue the third tranche of its 11.8billion-Chinese-yuan bondsfrom July 14 to July 15.

Chongqing Longhu Development Co. Ltd. plans to issue aninitial principal amount of 2.0 billion yuan, with a potential overallotment ofup to 1.7 billion yuan. The secondtranche amounted to 4 billion yuan, while the was 4.1 billion yuan.

The third-tranche bonds will be in two forms: five-yearnotes with the coupon rate ranging between 3.0% and 4.0%, and seven-year bondswith the coupon rate ranging between 3.3% and 4.3%.

The final coupon rates for the nonguaranteed bonds will bedetermined July 14, according to a filing.

After deducting expenses related to the issuance, theproceeds from the issuance of the bonds will be used to adjust the company'sdebt structure.

As of July 8, US$1 wasequivalent to 6.69 Chinese yuan.