Guangzhou developer to issue bonds to repay loans

Guangzhou R&F Properties, the provincial capital’s largest real estate developer, announced plans to sell US$882 million in five- to 10-year bonds in order to repay loans and supplement its working capital, the South China Morning Post reported. The company said it would apply to list the bonds on the mainland stock exchange. In August, R&F said it needed between US$1.6 billion and US$1.8 billion in to repay its debt in the second half of 2008. The company had applied in April last year to sell 450 million A-shares on the Shanghai Stock Exchange, but is still awaiting regulatory approval for the sale.