China Resources Land Limited successfully issued RMB5 billion worth of medium-term notes in the Chinese interbank bond market on May 30, becoming the first property developer to offer panda bonds domestically.

China Resources Land's latest bond offering comes in two tenors — three years and five years. The RMB2 billion worth of bonds with a three-year tenor had a coupon rate of 3.2% and were 2.42 times oversubscribed. The RMB 3 billion worth of bonds with five-year maturities had a coupon rate of 3.6% and were 1.95 times oversubscribed.

China Resources Land's latest bond is the first panda medium-term note issued in China's bond market, and it is also the largest panda bond offering so far. Its successful issuance has effectively expanded low-cost renminbi funding channels for China Resources Land and is significant for the company to maintain its advantage in funding costs and further optimize the structure of its interest-bearing debt.