Greenland rolls out 1st online debt offer
Print Edition
CHINA’S state-backed property developer Greenland Group has launched its first online debt offering via a tie-up with Alibaba’s finance affiliate and Ping An Group’s trading platform, as it seeks to grow its finance division.
The country’s second-largest developer said yesterday that it had raised 200 million yuan (US$32 million) via a principal-protected note, a wealth-management product with an annual yield of 6.4 percent.
The product, with a minimum subscription amount of 20,000 yuan, sold out within 30 minutes, it said.
The money will fund a redevelopment project, but Greenland said further such issues might not be limited to its own projects as it seeks grow its finance division and diversify its business.
Greenland has teamed up with Ant Financial, the finance and payment affiliate of Alibaba Group Holding Ltd, and Lufax, an online financial asset trading platform linked to Ping An Insurance (Group) Co.
“Together with Alibaba’s help, we’re confident in building a successful online real estate finance platform,” Geng Jing, chairman of Greenland Financial Holdings, said in a statement.
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