Yuexiu Property Company Limited has mandated its wholly owned BVI subsidiary, Joy Delight International Limited, to issue CNY1.60 billion (approximately USD223 million) of 3.40% guaranteed green notes maturing in 2029. The Hong Kong-listed developer will provide an irrevocable guarantee for the notes.
The subscription agreement, signed on 20 May 2026, names 17 Joint Lead Managers, including CLSA, DBS Bank, Yue Xiu Securities and Chong Hing Bank. The notes will be issued at par (100% of principal) plus accrued interest from 28 May 2026, with settlement expected on or about that date but no later than 11 June 2026. Distribution is restricted to professional investors outside the United States under Regulation S, and an application for listing by way of debt issues to professional investors only has been submitted to the Stock Exchange of Hong Kong.
Key terms: • Coupon: 3.40% per annum, payable semi-annually on 28 May and 28 November. • Status: Direct, unsubordinated, unsecured obligations of Joy Delight International and guaranteed by Yuexiu Property, ranking pari passu with all other unsecured and unsubordinated debt. • Investor protection: A Change of Control Put Option allows noteholders to require redemption at 100% of principal plus accrued interest if Guangzhou Yue Xiu Holdings Limited (GZYX) ceases to control Yuexiu Property. The potential amount subject to put is the full CNY1.60 billion. The facility life, for Listing Rule 13.18 purposes, is three years.
Proceeds and green allocation: Gross proceeds total CNY1.60 billion; after deducting fees and expenses, net proceeds will refinance offshore medium- to long-term debts maturing within one year across the group. An amount equal to the net proceeds will be earmarked exclusively for eligible green projects in accordance with Yuexiu Property’s sustainable finance framework.
Connected-party involvement: Chong Hing Bank and Yue Xiu Securities, both subsidiaries of controlling shareholder GZYX, act as Joint Lead Managers. Related commissions and fees are below the 0.1% de minimis threshold under Chapter 14A of the Listing Rules and therefore exempt from further reporting or independent shareholders’ approval.
Completion remains subject to customary conditions precedent, including listing approval; the agreement allows for termination under specified circumstances. Shareholders and prospective investors are advised to exercise caution when dealing in Yuexiu Property shares.
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