China's Dalian Wanda plans 15b yuan local bond sale

Shanghai

DALIAN Wanda Commercial Properties Co, controlled by China's richest man Wang Jianlin, is seeking to sell as much as 15 billion yuan (S$3.29 billion) of local bonds as the weakening currency boosts borrowing costs overseas. The nation's biggest commercial developer is applying to sell the exchange-traded notes, according to people familiar with the matter.

Wanda plans to offer the first batch of five billion yuan with a maturity of five years as early as this month, according to the people, who asked not to be identified because the details haven't been announced. China's developers are stepping up onshore fundraising as the government accelerates approvals to help reverse a real estate slump.