CCDC Supports CapitaLand China Trust in Issuing the First Renminbi Pearl Bond by a Foreign Institution from a Country along the Belt and Road

Summary： CapitaLand China Trust was listed on the SGX on December 8, 2006. It is the largest SGX-listed real estate investment trust focused on income-producing properties in China. Its sponsor, CapitaLand Group, is a renowned large diversified real estate group in Asia and Singapore's largest real estate investment trust manager, headquartered in Singapore. CapitaLand's business focuses on real estate investment management and development, with a portfolio spanning over 260 cities in more than 40 countries worldwide. CapitaLand entered China in 1994, and China is one of its core markets. Currently, CapitaLand manages about 300 projects in over 40 cities across China. To further broaden its financing channels and diversify its funding sources, CLCT turned its attention to the gradually developing and expanding pearl bonds market, aiming to utilize the advantages of Panda bonds to raise funds in the offshore financial market. After meticulous preparation, the project was priced and issued in October 2023, becoming the first renminbi-denominated pearl bond issued by a foreign institution from a Belt and Road country. The bond size was CNY 600 million, with a 3-year tenor and an interest rate of 3.8%. The successful issuance of this project demonstrated the important function of the renminbi as an international currency, serving as both a reserve currency and a payment currency in the global capital markets.