China has sold the first tranche of a two billion yuan ($291 million) bond in Macau, Reuters reports, citing the Ministry of Finance.
It sold 1.7 billion of three-year bonds to institutional investors, including pension funds and commercial banks. The MoF said the bond issue was 3.2 times oversubscribed, the news agency said.
The second 300 million yuan two year retail portion will go on sale of Friday.
Macau’s government has been seeking to diversify its economy, which is heavily reliant on its gambling industry.