China Construction Bank Corp, the nation's largest mortgage lender, plans to raise four billion yuan (US$541 million) selling residential mortgage-based securities, the second such sale in the country.

 

The notes will be sold to institutional investors on the nation's interbank bond market between December 11 and 14, the Beijing-based bank said on Tuesday. The securities will be divided into three portions and carry domestic ratings of BBB to AAA. China Construction Bank and China Development Bank, a state-owned lender that funds public works, started a pilot program in 2005 to sell asset-backed bonds.

 

(Shanghai Daily December 6, 2007)