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Shanghai Property Group to issue RMB 2.8 bln bonds

May. 18, 2012 (China Knowledge) - Shanghai Property (Group) Co Ltd, a state-owned real estate developer, is issuing RMB 2.8 billion of unsecured corporate bonds with a maturity of five years on the interbank market starting May 17 to May 23.

Coupon rate will be 6.12%. Both value date and payment due date is set on May 17.

Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer.

Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and bonds AA+ and AA+, respectively.

Guotai Junan Securities Co has been assigned as the lead underwriter and bookrunner.

As of Dec. 31, 2011, the issuer had RMB 106.17 billion in total assets and RMB 80.85 billion in total liabilities, and its net profit attributable to shareholders reached RMB 1.38 billion last year.

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