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Gemdale to issue 3B yuan worth of corporate bonds

Gemdale Corp. will issue 3.00 billion yuan worth of corporate bonds under its 13.00 billion-yuan bond issuance program.

The Chinese real estate company is planning to issue the bonds, which have varying maturity terms of three and five years, in denominations of 100 yuan. The three-year bonds carry a coupon rate ranging between 4.7% and 5.7%, while the five-year bonds have a coupon rate of 5.0% to 6.0%, according to a filing.

Gemdale will use net proceeds from the issuance to repay its bank loans.

As of May 23, US$1 was equivalent to 6.39 yuan.