Poly Developments to issue major convertible bonds for property projects

Poly Developments and Holdings Group Co., Ltd. announced a preliminary plan to issue convertible corporate bonds to specific investors in 2025. The issuance, totaling up to CNY 500,000 million, will finance nine residential real estate projects in cities including Hangzhou, Shijiazhuang, Guangzhou, Zhongshan, Changchun, Foshan, Shanghai, and Tianjin. These projects have a total estimated investment of CNY 2,222,067 million. The company aims to bolster its capital strength, enhance its anti-risk capabilities, and align with new development models in the real estate sector.

The issuance aligns with supportive government policies aiming to stabilize the real estate market, such as measures to ensure housing delivery and stimulate demand. The company, a state-owned enterprise, emphasized that the private placement will not alter its controlling shareholder or actual control. The firm's board and senior management have committed to implementing measures to mitigate potential dilution of immediate returns for shareholders.

As of September 30, 2025, Poly Developments' total assets were CNY 128,739,274.93, with a liability-to-asset ratio of 73.27%. The issuance is pending approvals from state-owned asset regulatory authorities, shareholders, and the China Securities Regulatory Commission.