3 months ago
Stock Market

China Jinmao Issues ¥2B Medium-Term Notes to Boost Property Projects

Investing.com - Real estate developer China Jinmao Holdings Group Ltd (HK:0817), a subsidiary of the state-backed conglomerate Sinochem Corporation, issued

Investing.com - Real estate developer China Jinmao Holdings Group Ltd (HK:0817), a subsidiary of the state-backed conglomerate Sinochem Corporation, issued RMB2 billion perpetual medium-term notes on Thursday.

Jinmao was granted the approval to raise up to RMB10 billion in two years. The company said the first batch of notes aims to raise funds to support the development and construction of property projects and to add to its working capital.

The notes are unsecured, and Jinmao subsidiary Jinmao Shanghai can redeem the notes on the third and each of the subsequent interest payment days. Jinmao Shanghai is set to determine the coupon rate, which will be announced after the notes are issued.

This is not the first attempt for the company to raise funds. In January, it announced plans to raise $425 million from placing 900 million shares at a discount towards working capital, according to the South China Morning Post.

Jinmao’s shares last traded at HK$3.70 at 12:15 PM ET (05:15 GMT) on Friday, down 1.9%.