China City Construction to Repay Yuan Debt Early at 101 Yuan
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China City Construction Holding Group Co., whose recent shareholder change triggered early redemption of its debt, will buy back its 2.5 billion yuan ($382 million) offshore yuan bond before maturity on June 20.
Its 2.5 billion yuan notes maturing 2017 jumped 1.5 yuan to 96.3 yuan, the biggest gain since May 9. That leaves it set for the highest close since April 18. The construction company will buy back the notes at 101 yuan for every 100 yuan of principal on June 20, the company’s spokesman Yuan Qing said in a phone interview Friday. The funds will be partially from onshore and partially from offshore operations, Yuan said in another phone interview on Monday.