2015.07.10

Recently, Guangzhou Times Property Group publicly issued its 2015 corporate bonds. According to its announcement, the final coupon rate was 6.75%. It is Times Property's initial bond issuance in China's Mainland. The bond is well-received by institutional investors.

·Issuance of 2015 corporate bonds by Times Property Group

The bonds issued are under the name of "2015 Corporate Bonds of Guangzhou Times Property Group", or briefly as "15 Times Bonds." The offering scale of the five-year AA bonds was 2 billion Yuan. At the end of the third year of renewal, the issuer can execute the coupon rate option to raise the rate and the investors can execute the put-back option. The inquiry rate ranges from 5.5% to 7.5%. The major underwriters are China Merchants Securities Co., Ltd. and BOC International (China) Limited.

On July 9th, 2015, Times Property announced that as the issuer, together with the joint lead underwriter, it had officially offered an offline coupon-rate price inquiry to institutional investors. Based on the result of the inquiry, the issuer and joint lead underwriter, subject to extensive consultation and prudent judgment, determined the final coupon rate to be 6.75%. Starting from the first day of subscription, the bonds received enthusiastic subscriptions from many institutional investors.

Times Property will use all the income from the bond issuance to repay its loans from financial institutions and supplement the company's liquidity, which can help reduce financing costs, optimize its debt structure and feul the capital liquidity.