Modern Land (China) Co., Ltd. Completes Issue of Domestic Corporate Bonds in the PRC

Apr 30, 2016 02:55 JST

Source: Modern Land (China) Co Ltd

Enhances Financial Strength and Captures Growth Opportunities

HONG KONG, Apr 30, 2016 - (ACN Newswire) - Modern Land (China) Co., Limited ("Modern Land" or the "Company", together with its subsidiaries, the "Group", HKSE: 1107), a leading real estate developer in the architectural energy-saving field in the PRC, announced that the issue of the corporate bonds which was proposed on December 16, 2015, was completed.

Modern Green Development Co., Ltd., the issuer, has issued the corporate bonds in an aggregate principal amount of RMB1,000,000,000 to qualified investors in accordance with the approval. The corporate bonds have a term of 5 years, and the final coupon rate of the corporate bonds is fixed at 6.4%. The issuer shall be entitled to adjust the coupon rate and redeem the corporate bonds while the investors shall be entitled to sell back the corporate bonds at the end of the third year. The issuer intends to use the proceeds from the issue of the corporate bonds for repayment of entrusted loans of its wholly-owned subsidiaries and for replenishment of its general working capital.

Mr. Zhang Peng, President and Executive Director of the Group said, "Thanks for the support from the investment community, which reflects their confidence in our business prospects. Through the issue of the RMB Bonds, the Group could enjoy a lower cost financing channel, strengthen the financial strength, and be well prepared for the Group's sustainable development and development opportunities in the future. As an enterprise with differentiated core competitiveness, Modern Land will continue to promote business development in the future, seize market opportunities and further enhance the Company's revenue and profitability to create a better return for shareholders."

Source: Modern Land (China) Co Ltd
Sectors: Daily Finance