Poly Real Estate eyes US$2.22 bn corporate bond issue
Sources say 3.14 bn yuan will be used to complete a rental housing project and 1.346 bn yuan to supplement working capital
Poly Real Estate, a Chinese property developer and subsidiary of state-owned China Poly Group, is planning to issue a corporate bond amounting to about 15 billion yuan (US$2.22 billion), The Paper reported.
The initial issuance will not exceed 4.486 billion yuan, of which 3.14 billion yuan is intended to be used for the construction of the company’s rental housing project, and 1.346 billion yuan to supplement the company’s working capital.
The repayment fund for the bonds will mainly comes from the everyday operating income of the real estate developer.
The underwriters of the bonds are CITIC Securities, China International Capital Corporation, GF Securities and Huatai United Securities.
Just one day ago, the developer acquired two plots for residential and commercial properties with a 10.1 billion yuan expenditure. It is also reported that the company secured at least 72 projects by investing a total of 97.395 billion yuan since the beginning of 2018.