At an extraordinary general meeting held March 20, Beijing Capital Land Ltd. shareholders approved the company's proposal to publicly issue up to 3 billion yuan worth of corporate bonds and to set up a medium-term note program of a maximum 10 billion yuan.

The diversified real estate developer will channel the funds raised toward project investments, construction works on its developments, and to pad up its working capital and/or to repay corporate debt, among other purposes.

As of March 20, US$1 was equivalent to 6.33 yuan.