YuexiuProperty Co. Ltd.'s Guangzhou City Construction & DevelopmentCo. Ltd. is seeking to publicly issue guaranteed interest-bearing corporatebonds worth not more than 8 billion Chinese yuan.
Guangzhou Yue Xiu Holdings Ltd. will guarantee the bonds,which will be issued to qualified Chinese investors. The bonds will be listedon the Shanghai Stock Exchange upon issuance.
The corporate bond issuance is expected to diversify thegroup's portfolio of financial instruments as well as effectively reducefinancing costs and optimize its debt structure.
The issuance requires approvals from the China Securitiesand Regulatory Commission and the Shanghai bourse, depending on the marketconditions. The coupon rate of the bonds will be determined after bookbuilding.
Guangzhou Securities Co. Ltd. and Jiuzhou Securities Co.Ltd. will act as joint lead underwriters of the bond issuance.
As of May 6, US$1 wasequivalent to 6.50 Chinese yuan.