New | Developer China SCE Property in proposed note issue to refinance debt

Mainland developer China SCE Property Holdings has proposed a notes issue to refinance its debts.

The developer plans to use the net proceeds of the notes the refinance two billion yuan worth of 2011 Notes. The fund will also be used for working capital as the company may adjust its business development plans in response to changing market conditions, according to the filings to the Hong Kong Stock Exchange on Wednesday.

Pricing of the notes will be determined through a book building exercise to be conducted by the joint lead managers. They include HSBC, JP Morgan, Haitong International, Huatai Financial Holdings (Hong Kong) , ICBC International, Nomura and VTB Capital.