Gemdale gets strong bid for dim sum
Gemdale International Holding offered a rare dim sum bond from a mainland developer last week, closing a Rmb1.2bn ($188.2m) deal that some investors expect to trade heavily up in the secondary market.
Gemdale priced the three year bond at par to yield 9.15%, the lower end of revised price guidance that went up to 9.35%. Bankers said it was difficult to come up with comparables for the transaction since few Chinese property firms have issued dim sum bonds.
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