Country Garden Said to Plan Sale of up to $400 Million in Five-Year Bonds
Country Garden Holdings Co., a developer of residential condominiums in China’s Guangdong province, plans to sell as much as $400 million of five-year bonds, according to a person familiar with the matter.
JPMorgan Chase & Co. and Goldman Sachs Group Inc. are arranging the offer of senior notes, the company said in a statement to the Hong Kong stock exchange earlier today, without specifying a target size.
Country Garden, which is controlled by China’s second- richest woman, Yang Huiyan, daughter of founder and Chairman Yeung Kwok Keung, said on July 4 that property sales rose about 50 percent in the first half. The company last sold bonds in April, according to data compiled by Bloomberg.
Its $550 million in 11.25 percent notes due 2017 were sold at a spread of 8.11 percentage points more than similar-maturity Treasuries and were trading at a spread of 9.08 percentage points today, down from a high of 11.53 percentage points on May 25, Nomura Holdings Inc. prices show.