Country Garden Raises US$ 300 Mln

By staff reporters Wang Duan and Wang Zhen

(.com.cn) Property developer Country Garden Holdings Co. said it issued US$300 million worth of five-year high-yield bonds, or junk bonds, on Sept. 2.

The interest rate was set at 11.75 percent, the company said in a statement to the Hong Kong Stock Exchange on Sept. 2. In an earlier exchange filing, it said the proceeds would be used to repay US$35 million in loans from Citic Ka Wah Bank and finance property development projects.