Changan to issue company bonds

Gasgoo.com (Shanghai January 18) - Changan Automobile will be releasing a maximum of two billion yuan ($317.36m) in company bonds, China Securities News reported today. The bonds will be dated between three and seven years. The board of directors will make the final decisions regarding the bonds.

The bonds are being issued in order to aid in the manufacturer's logistical and other programs. Changan has been one of the automobile manufacturers most affected by the slow market in 2011. The manufacturer's overall automobile sales increased only 2.45 percent last year. Changan's own brand sales were especially weak, with only 1.66 million units sold during the year, a decrease of 10.14 percent from 2010. The automobile market for Chinese manufacturers looks to remain bleak in 2012.