China Poly to issue $626 mln in covertible bonds

SHANGHAI, July 8 (Reuters) - Chinese property developer Poly Real Eatate Co (600048.SS) has received regulatory approval to offer up to 4.3 billion yuan ($626.3 million) in five-year convertible bonds on Friday, the firm said.

The proceeds will be used to repay bank borrowings and to boost its cash position, the company said on Tuesday in a statement in the Shanghai Securities News.

The nominal interest rate of the bonds is between 6.5 and 7.0 percent and will be determined through a book-building process, which will start on Wednesday. The result will be announced on Friday. ($1=6.865 Yuan) (Reporting by Alfred Cang; Editing by Clarence Fernandez)