Dollar bonds of China South City soared higher by over 6 points across the curve. The move occurred after the Shenzhen government was said to have held a meeting to discuss facilitating a syndicated loan to China South City on the company’s Wechat account. Details on the amount that they would receive from the loan was not specified. It was said that the loans will be assisted by Shenzhen SEZ Construction and Development Group. Proceeds from the syndicated loan will be used to swap high interest debt and thereby lower the developer’s costs. Bloomberg notes that executives from Bank of China, ICBC, China Construction Bank, AgBank and others attended the meeting.
China South City Dollar Bonds Jump By Over 6 Points on Shenzhen Syndicated Loan
