DATE[
2007-9-23
] HIT[
10098
] |
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By Shangguan Zhoudong (chinadaily.com.cn)
Statistics show that listed companies plan to issue more than 30 billion yuan (US$3.99 billion) corporate bonds, after they were allowed by the China Securities Regulatory Commission (CSRC) to issue such bonds on August 14, the Shanghai Securities News reported today.
Having received approval from the securities regulator, China Yangtze Power, which owns and operates the power plant of the 160-billion-yuan Three Gorges Dam Project, is likely to be the first enterprise on the mainland to launch corporate bonds.
Gemdale Corp, a leading real estate developer, on August 22 passed a proposal to issue corporate bonds, only seven days after the corporate rules were released.
Insiders said corporate bonds are more attractive to listed companies as a way to raise money due to their lower finance costs.
In terms of industries, electric power and real estate companies show the strongest desire in issuing corporate bonds.
In addition to Yangtze Power, power giants such as Guangdong Electric Power Development Co Ltd and Huaneng Power International Inc, real estate developers including China Vanke Co Ltd and Gemdale Corp, have announced corporate bond issuance plans.
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