Q&A: Towngas
Sep 24, 2012
The Gemdale Structure: A glut of PRC developers raise debts offshore
Chinese property firms are eagerly following Gemdale Corporation into issuing high-yield bonds offshore via their overseas entities.
Shenzhen-headquartered Gemdale made headlines as the first A-share listed developer to tap the offshore debt market last year. Via its Hong Kong subsidiary Gemdale International Holding, the developer issued Rmb1.2 billion worth of three-year unsecured notes last July at 9.15%; and launched another $350 million, five-year fixed rate bond at 7.125% in November.
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