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Yuexiu Property unit to issue up to 2B yuan of 5-year bonds to repay debt

Yuexiu Property Co. Ltd. said its 95%-owned Guangzhou City Construction & Development Co.Ltd. plans to issue up to 2 billion yuan of five-year bonds to repay debt.

The issuance includes an initial principal amount of 1.50 billion yuan and an over-allotment tranche of not more than 500 million yuan, the company said in a Sept. 25 release.

The coupon rates will be determined after bookbuilding.

The offering is part of the unit's bond issuance program seeking up to 7 billion yuan in total. The unit has raised 4 billion yuan from the program since it began in 2018, according to the release.

As of Sept. 25, US$1 was equivalent to 7.13 Chinese yuan.