Chinese lender to issue bonds for M&A in cash-strapped property sector -Breaking


Source: streetregister.com streetregister.com

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SHANGHAI, (Reuters) – Property developers shares rose Tuesday as a Chinese lender revealed a plan for issuing debt to finance real estate acquisitions – China’s first to do this – and Beijing tried to reassure investors regarding the wider impact of defaults in bond markets. Shanghai Pudong Development Bank Co said Monday it would raise 5 billion Yuan ($790 Million) via the China interbank market by selling three year bonds. It stated that the funds will be used for financing real estate projects through lending. The bond sales plan by the Shanghai government-controlled bank pointed to a broadening of financing...