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China Overseas Property to raise 3B yuan through debt offering

China Overseas Land & Investment Ltd.'s subsidiary China Overseas Property Ltd plans to issue 3.00 billion yuan worth of three-year medium term notes, representing the first tranche of its 6.00 billion-yuan issuance quota, the unit said in a statement.

The annual interest rate will be determined by the issuer according to the result of a bookbuilding and centralized allocation process.

From the proceeds, 2.10 billion yuan will be used for property development, while the remaining 900.0 million yuan will be used for tax payments.

Agricultural Bank of China Ltd. and China Construction Bank Corp. are joint lead underwriters for the issuance, while the latter is also serving as book runner.

As of Jan. 31, US$1 was equivalent to 6.29 yuan.