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| Investors Rush for World Expo Bonds |
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The second batch of bonds for the 2010 Shanghai World Expo have mostly been snapped up by eager corporate investors, the Shanghai World Expo Land Holding Corporation announced yesterday. Many investors have scrambled to buy up most of the 4 billion yuan (US$516 million) worth of expo bonds. Two billion yuan of 10-year securities carry a fixed annual interest rate of 4.25 percent. The other 2 billion yuan of 15-year bonds have a fixed 4.15 percent annual rate. Shenyin & Wanguo Securities Corporation, which has managed the sale of the second batch, started selling the bonds on February 15. The sale ends March 1. Expo Land Holding President Bai Wenhua said 3.88 billion yuan (US$500 million) worth of bonds for corporate investors sold out within only one day after the second batch went on sale. The China Life Insurance Asset Management Company and China Construction Bank were two big buyers. The remaining bonds are currently being sold to individual investors. Bai said the second batch of expo bonds would fund major construction projects on the expo site. Approved by the State Council and National Development and Reform Commission, a total of 8 billion yuan in bonds will be issued to finance the Shanghai World Expo. The first batch of expo bonds worth 1.5 billion yuan went on sale for a week in late December 2005. The next batch of expo bonds are expected to be sold from the end of this year or the beginning of next year, Bai said, not revealing the amount. The expo land holding corporation is responsible for the development and continual use of the area within the expo site. The company was established in December 2003 and has so far collected 17 billion yuan (US$2.2 billion) to fund the Shanghai Expo. (
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