China City Construction to redeem its $382m dimsum debt ahead of maturity

China City Construction to redeem its $382m dimsum debt ahead of maturity

Chinese Yuan notes. Photo: Reuters

China City Construction Holding Group Co. will redeem its 2.5 billion yuan ($382 million) offshore yuan bond before maturity on June 20 after a change of control clause was triggered.

The construction company, which recently changed its controlling shareholder, will buy back the notes at 101 yuan for every 100 yuan of principal on June 20, the company’s spokesman Yuan Qing said during a phone interview Friday. The funds will be partially from onshore and partially from offshore operations, Yuan said in another phone interview on Monday. Its 2.5 billion yuan notes maturing 2017 jumped 1.3 yuan to 96.1 yuan, the biggest gain since May 9.

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