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Insurance-backed bond used to invest US$100 million in Jiangsu retirement center
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CHINESE conglomerate Jiangsu Sujia Group Ltd plans to build a retirement center in the eastern province with funds raised from an insurance-backed bond, according to a press release yesterday.
Jiangsu Sujia will invest US$100 million to build a high-end continuing care retirement community in Wuxi, the first of its kind in Jiangsu Province. With a planned area of 150 acres, the center will comprise a 485-unit retirement home, a 300-bed hospital and a 200-bed nursing home. The facility is expected to start operation in April 2016.
The project is funded by proceeds from a 10-year insurance-backed bond issued with the assistance of Hong Kong-based First Equity Finance Co Ltd and IFA Capital, a leading global capital-raising firm.
With operations in Asia and Europe, First Equity Finance assists clients in raising funds from institutional investors in Asia, Europe and the Middle East, including pension funds and insurance companies.
Bonds are insured through companies operating in the international markets, including Lloyds of London.
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