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CIFI gets Shanghai bourse's OK to issue 3.5B yuan of bonds

CIFI Holdings (Group) Co. Ltd.'s CIFI Group Co. Ltd. is issuing two series of bonds worth 3.50 billion yuan to repay loans.

Specifically, the company will issue 800.0 million yuan of 6.50% notes with a four-year term and 2.70 billion yuan of 6.80% notes with a five-year term.

The planned offering has received approval from the Shanghai Stock Exchange, the Shanghai-based diversified developer said in a filing.

As of March 22, US$1 was equivalent to 6.33 yuan.