Gemdale Group first to issue enterprise bonds

Real estate developer Gemdale Group was the first mainland company to announce that it will issue enterprise bonds one week after the China Securities Regulatory Commission (CSRC) approved draft rules for bond sales by listed companies, Shanghai Securities News reported (in Chinese). The company said it will issue less than US$158 million in bonds with a duration of less than five years in the sale. Gemdale said it will use the funds raised to pay commercial loans, supplement working capital and optimize its debt structure.