Yuexiu Property Subsidiary Targets Up to RMB1.90 Billion in Second-Tranche 2026 Bonds

Bulletin Express06-05

Yuexiu Property Company Limited announced that its 95%-owned subsidiary, Guangzhou City Construction & Development Company Limited, plans to issue the second tranche of 2026 corporate bonds with a ceiling of RMB1.90 billion.

The tranche will be split into two fixed-rate offerings: • Type 1: Five-year tenor, with an option for the issuer to adjust the coupon and redeem, and for investors to sell back, at the end of year three. • Type 2: Seven-year tenor, with similar adjustment, redemption and sell-back features at the end of year five.

A reallocation mechanism allows the issuer and lead underwriter to flexibly shift the final size between the two types without restriction, depending on subscription demand. Coupon rates will be set after book-building.

Both the issuer and the bonds have secured an “AAA” rating from China Chengxin International Credit Rating Co., Ltd. Net proceeds will be used to repay maturing corporate bonds. The bonds are intended for professional investors in mainland China and are slated for listing on the Shanghai Stock Exchange.

The upcoming issuance falls under the issuer’s previously registered RMB9.60 billion bond programme, of which RMB3.60 billion—comprising RMB1.40 billion (2025 first tranche), RMB1.50 billion (2025 second tranche) and RMB700 million (2026 first tranche)—has already been completed.

Yuexiu Property noted that the second-tranche issuance may or may not proceed and advised shareholders and potential investors to exercise caution when dealing in the company’s securities.

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