BEIJING, Aug. 19 (Xinhua) -- Sino-Ocean Land Holdings Ltd (03377.HK) announced on Tuesday that it has received approval from the China Securities Regulatory Commission (CSRC) to sell up to 10 billion yuan worth of RMB-denominated corporate bonds.
On the same day, the company also announced that it has successfully issued its first batch of RMB-denominated corporate bonds, raising 5 billion yuan of capital.
According to the company, the raised funds would be used to repay existing debt and replenish the company's working capital.
Li Ming, the company's chief executive officer, said that the issuance of the domestic corporate bonds will expand the company's funding channels and reduce its funding costs.
(Edited by Yang Yifan, firstname.lastname@example.org)