CIFI Group announced Monday that it lately issued five-year corporate bonds worth 3.5 billion yuan. According to the announcement, the subscription reached 3.5 times the volume offered.
The raised money will be used to repay bank loans and replenish its working capital, the company said.
This year, a set of new policies issued by policy makers help listed property enterprises to open financing channels in the domestic financial market.
In January, China Securities Regulatory Commission (CSRC) publicized the new corporate bond issuance and transaction management rules highlighting expanded scope of qualified issuers.
Lin Feng, president of CIFI Group, noted that this bond offering will help the company open domestic and overseas financing channels in a bid to improve its debt structure and further lower its financing costs.
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