Yuexiu Property's Subsidiary Plans to Issue Up to RMB 2 Billion in Corporate Bonds

Stock News07-27 16:46

Yuexiu Property (00123) has announced that its 95%-owned indirect Chinese subsidiary, Guangzhou City Construction and Development Co., Ltd. (the issuer), plans to issue the third tranche of 2026 corporate bonds with a maximum size of RMB 2 billion.

The 2026 third tranche corporate bonds will be divided into two tranches: (i) five-year fixed-rate corporate bonds (Tranche I Bonds), where the issuer may adjust the coupon rate at the end of the third year. Additionally, at the end of the third year: (a) the issuer has the right to redeem all outstanding Tranche I Bonds; and (b) holders of Tranche I Bonds have the right to sell back all or part of their bonds to the issuer; and (ii) seven-year fixed-rate corporate bonds (Tranche II Bonds), where the issuer may adjust the coupon rate at the end of the fifth year. Furthermore, at the end of the fifth year: (a) the issuer has the right to redeem all outstanding Tranche II Bonds; and (b) holders of Tranche II Bonds have the right to sell back all or part of their bonds to the issuer.

The 2026 third tranche corporate bonds include a cross-tranche reallocation option with no restrictions on the reallocation ratio. The issuer and the lead underwriter will, based on subscription demand, jointly decide whether to exercise this option within the total issuance size.

The issuer and the 2026 third tranche corporate bonds have both received an "AAA" credit rating from China Chengxin International Credit Rating Co., Ltd.

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