Red-chips turn to China's onshore bond market

China Merchants International raises $587 million onshore through its parent and becomes the latest in a string of Hong Kong-listed Chinese companies to take advantage of lower interest rates across the border.

The parent company of Hong Kong-listed China Merchants Holdings International last week raised Rmb4 billion $587 million from the sale of 10-year bonds in China's domestic bond market. The proceeds will be lent to the Hong Kong-listed subsidiary to be used to expand its business, which is focused on ports and ports-related services. The transaction is part of a new trend in which Hong Kong-listed red-chips are taking advantage of the ample liquidity and lower interest rates in China to...

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