Shimao Property Plans to Issue US Dollar-Denominated Bonds

By Chester YungFeaturesDow Jones Newswires

Chinese real estate developer Shimao Property Holdings Ltd. (0813.HK) said Thursday it plans to issue U.S. dollar-denominated bonds and will use the net proceeds to refinance current debt, for business development as well as other general corporate purposes.

The bonds are expected to be rated BBB- by Fitch Ratings and BB by Standard & Poor's Rating Services, the Hong Kong-listed developer said.

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China International Capital Corporation Hong Kong Securities Ltd., The Hongkong and Shanghai Banking Corp. Ltd. and Morgan Stanley & Co. International plc, Goldman Sachs (Asia) L.L.C. and UBS AG Hong Kong Branch are the joint bookrunners of the deal, Shimao said.

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(END) Dow Jones Newswires

June 21, 2017 20:31 ET (00:31 GMT)