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Central China Real Estate Planning Bond Issue

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money_4 October 7, 2010 (Chinavestor) Hong Kong-listed property development firm Central China Real Estate (HKG:0832) is planning to sell $300 million worth of dollar-denominated bonds to raise cash for new property development projects and general corporate purposes. The company has chosen Deutsche Bank (NYSE:DB) to coordinate the offering.

The bond issue will be the first by Central China Real Estate (HKG:0832). The company is expected to market the offering to investors in Asia, Europe and the U.S. later this week and next week. Sources close to the deal did divulge details on the size, maturity and timing of the issue, according to Reuters.

Central China Real Estate (HKG:0832) specializes in the development of residential property in China’s Henan province. Standard & Poor's has rated the proposed bond B-plus, while Moody's Investors Service has a provisional B1 rating, according to Reuters. Both are junk ratings.

 

 



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