日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

Economy

Markets

Industries

Insights

Reports

Events

Sino-Ocean Land issues $2.6b yuan in corporate bonds

By Yu Hongyan (chinadaily.com.cn)
Updated: 2009-07-02 15:36

The Hong Kong-listed Sino-Ocean Land Holdings has become the first developer to launch yuan-denominated bonds since 2007, after being approved to issue 2.6 billion yuan ($380.64 million) in six-year corporate bonds to domestic institutional investors late last month.

The bonds will have an annual coupon rate of between 4.4 and 5 percent in the first three years; the rate for the remaining three years will be viable by the issuer, according to its offering circular.

Related readings:  China issues more corporate bonds in first quarter  R&F Properties to issue 6b yuan corporate bonds  China to gradually develop corporate bonds: CSRC  Corporate bonds approaching inter-bank market

Of the total raised funds, 500 million yuan will be used to pay bank loans, another 500 million will go toward supplementing working capital, and the rest of the 1.6 billion yuan will be directed at finance housing projects in Beijng and Tianjin, Li Ming, chief executive officer and executive director of the company, said to Beijing Business Today.

Sino-Ocean Land currently holds 10 billion yuan in cash and 20 billion yuan in a credit line, said Li.

He also added that the company may raise its debt ratio for business expansion.

The company's asset-liability ratio stood at 58.9 percent as of the end of December 2008, according to its 2008 annual report.

As stated in a press release in April, Sino-Ocean Land said it topped other developers in the capital city, by taking about 4.4 percent percent of the commercial housing market, as of April 15.

Its contracted sales revenue totaled 3.9 billion yuan in the first quarter of this year, or 49 percent of its full-year sales target of 8 billion yuan, it said.