A Hong Kong-based toll road company will sell renminbi-denominated bonds to international investors this week in a little noticed deal that marks a big change in China's currency controls.
Hopewell Highway Infrastructure, controlled by Hong Kong tycoon Gordon Wu, plans to raise at least Rmb1bn ($150m) from institutional investors to finance the construction of expressways in China's Pearl River Delta region.
Hopewell is the first company other than a bank to issue renminbi bonds offshore, thanks to rules introduced by China this year to encourage greater international use of its currency.
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