Shimao Property says plans to sell dollar bond

HONG KONG: Chinese developer Shimao Property Holdings said on Tuesday, July 27 it hired banks to help arrange a series of meetings with investors ahead of a planned dollar bond issue.

HSBC, Morgan Stanley and Standard Chartered Bank were hired for the proposed bond sale, the company said in a statement to the Hong Kong stock exchange.

Shimao plans to meet institutional investors in Europe and Asia starting this week. Proceeds from the debt sale will be used to pay debt and fund development projects, the company said.

Shimao may issue 7-year dollar bonds this week, a source close to the deal said.

Chinese developers were active issuers of dollar bonds overseas this year as tighter credit rules in Beijing drove them to the international debt market to raise funds. — Reuters