Hong Kong

COUNTRY Garden Holdings Co, the developer controlled by China's richest woman Yang Huiyan, plans to cut risks from a stronger dollar by raising more funds in other currencies this year. "We may choose to issue debt in different currencies this year: in yuan, Singapore dollar, or even Islamic bonds," said Wu Jianbin, chief financial officer of Foshan, Guangdong province-based Country Garden. The developer is considering the sale of at least 10 billion yuan (S$2.16 billion) of medium term notes in China, which are cheaper than bank loans, he said in a Jan 9 interview in Hong Kong.

The third-largest developer in China by floor area sold is aiming for lower financing costs and a higher debt rating under Mr Wu, who was formerly vice-chairman of state-owned China Overseas Land & Investment Ltd before he joined Country Garden in April. Moody's Investors Service upgraded its outlook for the company's debt last week because of strong sales growth last year, even as the nation's real estate market declined.