Sino-Ocean Group Holdings Ltd. is seeking approval for its planned issuance of medium-term bonds in China worth up to 10 billion Chinese yuan.

The company applied to the National Association of Financial Market Institutional Investors for the proposed registration and issuance of the bonds, but said whether and when the approval would come through were yet to be determined.

Sino-Ocean will issue a first tranche of medium-term notes amounting to 4 billion yuan, with the coupon rate for the bonds to be decided through a centralized bookbuilding process, subject to market conditions and investor interest.

The company intends to use proceeds from the first-tranche issuance to repay its existing debt and will also channel funds toward the construction of its real estate projects.

As of Dec. 28, US$1 was equivalent to 6.95 Chinese yuan.