China Construction Bank Corp (中國建設銀行), China’s second-biggest bank by assets, will issue up to 3 billion yuan (US$439 million) in “ordinary financial bonds” in Hong Kong.
The company’s board also approved an increase of US$800 million in capital to wholly owned Hong Kong commercial banking unit China Construction Bank (Asia) Corp, the Beijing-based bank said in a statement to the Hong Kong’s stock exchange yesterday.
China Construction’s board also approved a transfer of US$300 million to CCB International (Holdings) Ltd, another fully owned unit, which underwrites sales of shares and bonds in Hong Kong, the bank said in the statement.
The capital increases are subject to the approval by the relevant regulators, China Construction said.
The bank said on Friday that first-half profit surged 71 percent to 58.7 billion yuan on more lucrative lending and increased fee-based services.
China Construction’s Hong Kong-traded shares fell 7.6 percent this year, making it the sixth-best performer on the Hang Seng index, which has dropped 27 percent. The stock fell 2.3 percent to HK$5.97 on Aug. 21. The market was closed Aug. 22 for a typhoon.
The bank, established in 1954 to fund roads, bridges, dams and other infrastructure, is China’s largest mortgage and real estate lender. It provides 23.1 percent of the nation’s mortgages and about 12 percent of overall loans.
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