Poly Property (HKG:0119) unit Poly Property Group issued 1.5 billion yuan of corporate bonds to professional investors on Thursday, a same-day Hong Kong bourse filing said.

The bonds carry a coupon rate of 2.66% per annum and have a term of 3+2 years, according to the property firm.

The company will use proceeds from the issue to replace the internal funds used to repay the principal amount of the corporate bonds that have been sold back.