China’s BYD to raise up to $939 mn in bond sale

August 27, 2011 by Tycho de Feijter

Chinese car maker BYD, which is backed by US investment titan Warren Buffett, said Friday it plans to sell up to six billion yuan ($938.8 million) in bonds to repay loans and boost its coffers.

The announcement comes after BYD reported this week that first-half net profit slumped 89 percent on year to 275.4 million yuan due to stiff competition and the cancellation of government subsidies for car purchases.

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