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Yuexiu Property unit prices 3rd tranche of 8B yuan bond issuance

YuexiuProperty Co. Ltd.'s unit priced an issuance of 2.00 billion Chineseyuan in guaranteed corporate bonds in China, which is the third tranche of an 8billion-yuan bond program.

Guangzhou City Construction & Development Co. Ltd. willissue the notes in two types. The five-year bonds have a fixed coupon rate of2.95%. The seven-year bonds, meanwhile, carry a 3.15% coupon rate.

The bonds will be issued to qualified investors from Sept.26 to Sept. 28. The unit began the marketing of the third-tranche bonds onSept. 23, according to an earlier filing.

Yuexiu Property said that proceeds from the third-trancheissuance will be used to repay loans and replenish liquid capital.

As of Sept. 23, US$1was equivalent to 6.67 Chinese yuan.