CRC plans to raise $3b by selling bonds

China Railway Corp (CRC), the spin-off of the now defunct Ministry of Railways, announced on Monday it plans to raise 20 billion yuan ($3.2 billion) through a bond issuance to finance the construction of the country's railway projects.

The offering will be the third batch this year, with the first having been issued on April 10 and the second on May 13. The offering include 15 billion yuan in 10-year bonds and 5 billion yuan in 20-year bonds.