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Registered bonds to pay for Three Gorges

The China Yangtze Three Gorges Project Development Corporation (CTGPC) has issued 3B yuan (US$360M) in registered bonds to help pay for the Three Gorges project. The ten-year enterprise bonds are priced at a floating rate annually, the first of its kind in China. The coupon rate of the bonds is 1.75% higher than the annual interest rate of one-year bank deposits, and have been awarded China’s highest bond rating.

Meanwhile, news reports claim that a Chinese official has been sentenced to death and 96 other people have received prison sentences for embezzling more than US$1M in connection with the Three Gorges dam project. The corruption extends to funds that were intended to resettle people affected by the project. According to government auditors, US$52M in resettlement funds are still unaccounted for.