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Reporter Chen Ronghao, editor Wei Wenyi of Meijing

On the evening of August 19, Poly Development (SH600048, share price 8.02 yuan, market value 96 billion yuan) released a plan to issue convertible corporate bonds to specific objects. According to the plan, the total issuance amount of convertible corporate bonds issued to specific objects will not exceed 9.5 billion yuan (including the principal amount), and the number of bonds issued will not exceed 95 million.

Specifically, the issuers of this convertible bond are no more than 35 specific parties (including 35 parties) that meet the conditions stipulated by the China Securities Regulatory Commission and the Shanghai Stock Exchange, including Poly Group. Among them, Poly Group intends to subscribe for this convertible bond in cash for an amount not exceeding RMB 1 billion.

In terms of the use of raised funds, the net amount of raised funds after deducting the issuance expenses will be used in 15 projects, which are located in Beijing, Foshan, Tianjin, Shanghai, Guangzhou and other cities. Among them, the projects with larger investment amounts include Shanghai Poly Haishang Zhenyue, Beijing Poly Yijing Hexu, and Foshan Poly Langyue, all of which have invested more than 850 million yuan. In addition to supporting real estate projects, Poly Development has also reserved 1 billion yuan of funds to supplement working capital.

The announcement shows that the funds raised from the issuance of convertible corporate bonds to specific objects by Poly Development will be used for real estate development projects, and will only be used for the part of capital expenditure related to real estate project construction expenditure, namely construction and installation project costs and supporting facilities construction costs.