Jiangsu Springland approved to sell notes, plans RMB 500 million sale

New York, July 29 – Jiangsu Springland International Holdings (Group) Ltd. said it received approval from the National Association of Financial Market Institutional Investors to sell up to RMB 1.8 billion of notes to domestic institutional investors in China.

The company said its board has decided to sell notes with a 366-day maturity.

Issuance of the initial RMB 500 million tranche is planned for Aug. 5, according to a notice filed with the Stock Exchange of Hong Kong.

Proceeds from the first tranche will be used for general working capital.

Bank of China Ltd. is the lead underwriter and bookrunner, and Industrial and Commercial Bank of China Ltd. is joint lead underwriter. The notes will be sold in the inter-bank bond market.

Jiangsu Springland is a subsidiary of Springland International Holdings Ltd., a Hong Kong-based operator of department stores and supermarkets in the Yangtze River delta region of China.

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