China's Hainan issues $ 2.4 billion bonds to finance industry and infrastructure

By / TASS / Updated: 10:33,25-August-2021

HAIKOU, August 20. /TASS/. The Hainan administration issued 15.5 billion yuan (approximately $ 2.4 billion at current exchange rates) municipal bonds to raise additional funds for industrial and infrastructure projects, announced the provincial finance department.

According to official data, the funds received from the emission will be used in the construction of transport facilities and major industrial zones, for the implementation of environmental protection measures and the implementation of urban planning programs. These bonds can be purchased through commercial banks by individuals, small and medium-sized companies, as well as qualified foreign investors.

According to the "Hainan Daily", the provincial authorities have been issuing government bonds for the fourth time since the beginning of 2021. The latest issue attracted the attention of 70 financial institutions, which sent applications and expressed their readiness to purchase securities in the amount of 390.7 billion yuan (about 60.1 billion dollars). Thus, the demand exceeded the supply by more than 25 times.

The greatest interest in the provincial government bonds this time was shown by such major financial institutions of China as Industrial Bank, Commercial and Industrial Bank, Agricultural Bank of China, Bank, Bank of Communications, Construction Bank and Bank of China. German's Deutsche Bank also submitted an application.

As the local authorities reported earlier, Haina's free trade port will diversify funding channels for key projects, increase the availability of lending programs, and more actively promote the involvement of ordinary citizens in the island's socio-economic development.

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