Longfor Sells First State-Backed Bonds in Developer Rescue Program

What’s new: Longfor Group Holdings became the first private Chinese builder to sell bonds that are fully guaranteed by a state-owned enterprise under a pilot program to help property developers ease an industrywide liquidity crunch.

Longfor borrowed 1.5 billion yuan ($219 million) Thursday by selling three-year notes with an annual yield of 3.3%. The offering was oversubscribed by 2.86 times.