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R&F Properties to issue 6b yuan corporate bonds

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2008-12-25 12:35

R&F Properties Co Ltd, a Hong Kong-listed real estate firm, has decided to issue no more than 6 billion yuan ($876 million) in corporate bonds, the company said in a statement on Dec 24.

The corporate bond, with a maturity of five to ten years, will be used to repay existing bank loans and to supplement the working capital of the company. The decision was made at the company's extraordinary general meeting on Dec 24.

But experts said since R&F Properties is a Hong Kong-listed company, it won't be easy for the company to get the green light from the China Securities Regulatory Commission, as there will be problems in the settlement of foreign exchange and mortgages.