HONG KONG, May 28, 2015 /PRNewswire/ -- CIFI Holdings (Group) Co. Ltd. ("CIFI", or the "Group", HKEX code: 884.HK) announced its successful issue of a US$400 million five-year bond at a coupon rate of 7.75%. The effective issue interest rate is amongst the lowest for the bonds issued by privately-owned Chinese real estate companies with the "BB-"credit rating.
The bond issue has been an overwhelming success as it was more than 5.5 times subscribed amid enormous demands from investors in Hong Kong, Singapore and Europe. It also marks CIFI's breakthrough in a capital market where many China-based property firms have been finding it difficult to raise fund since early 2015.
Mr. Lin Zhong, Chairman of CIFI, said, "The bond issue marks a milestone in CIFI's development as it enables the Group to optimize its financial structure and reduce financing cost. Following the Group's announcement of its partnership with Hongkong Land to jointly develop a large-scale prime mixed-use property project in Lujiazui, Pudong New District, Shanghai, CIFI has succeeded in raising a total of approximately US$570 million through a share placement and a bond issue. This has demonstrated international investors' strong support to the Group and reflected the capital market's full confidence in its development strategies, business performance and prospects."
The three international ratings agencies, Fitch, Moody's and Standard & Poor's, assigned CIFI issuer credit ratings of "BB-", "Ba3" and "BB-" respectively.
Standard Chartered Bank, HSBC, Citi, Credit Suisse, Haitong International and UBS are the joint bookrunners of the bond issue.
About CIFI Holdings (Group) Co. Ltd.
Headquartered in Shanghai, CIFI is one of China's Top 30 Real Estate Developers. CIFI principally focuses on developing high quality properties which target the end-users in first- and second-tier cities in China. CIFI's develops various types of properties, including residential flats, office buildings and commercial complexes.
To learn more about CIFI, please visit CIFI's website at: http://www.cifi.com.cn
