Three Gorges Issues Five Billion Yuan Worth of Bonds to Raise Funds

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Last updated at: (Beijing Time) Tuesday, January 14, 2003

Three Gorges Issues Five Billion Yuan Worth of Bonds to Raise Funds

The Shanghai Stock Exchange beganmarketing corporate bonds on Monday issued by the Three Gorges project valued at five billion yuan (602.40 million US dollars).

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The Shanghai Stock Exchange began marketing corporate bonds on Monday issued by the Three Gorges project valued at five billion yuan (602.40 million US dollars).

This is the fifth round of bond issuance by the China Yangtze Three Gorges Project Co., which has raised 16 billion yuan (1.92 billion US dollars), or 15 percent of the funding now in place for the construction of the Three Gorges project.

Bonds have proven to be the third most important funding channel for the project, following government funds and bank loans.

The China Yangtze Three Gorges Project Co. began issuing bonds in 1997, and did it again in 1998, 2000 and 2001.

The Three Gorges project has been progressing steadily with the first group of generating units expected to produce electricity beginning this August, said Lin Chuxue, vice general manager of the China Yangtze Three Gorges Project.

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