Private property developer Longfor’s unit issued medium-term notes supported by state credit enhancement firm
STOCKS
Private property developer Longfor’s unit issued medium-term notes supported by state credit enhancement firm
STOCKS

Private property developer Longfor’s unit issued medium-term notes supported by state credit enhancement firm

 

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Chongqing Longfor Corporate Expansion Limited, a unit of private property developer Longfor Group in Chongqing city, issued 1.5 billion yuan of medium-term notes on August 23, the proceeds of which will be used for project construction and redemption or repayment of offshore dollar bonds, etc, the company said in a filing on Tuesday.

State-owned China Bond Insurance Co. Ltd, which provides financial guarantee services, provided full amount liability guarantee to the notes, the company said.

In addition, private property developer Hangzhou Binjiang Real Estate Group Co. Ltd also issued 940 million yuan worth of medium-term notes on the day in the similar way, according to the company’s filing.

Several private property developers are currently in talks with China Bond Insurance about issuing bonds supported by financial guarantee, reported the state-run China Securities Journal, citing sources close to the National Association of Financial Market Institutional Investors.