Shanghai-listed Markor International Furniture Co Ltd<600337>, a domestic furniture producer and seller in Urumqi of Xinjiang Uygur Autonomous Region, has obtained the approval from its board of directors to issue up to RMB 500 million corporate bonds, sources reported.

The corporate bonds will have maturity periods between five and eight years. The proceeds of the bond offering will be used to repay loans and to optimize the structure of corporate debt and to replenish the working capital, said Markor International Furniture, one of the country's largest furniture exporting companies.

The bond offering plan is still subject to approval from the China Securities Regulatory Commission (CSRC).

Markor International Furniture exports its products mainly to the U.S., Canada, Japan, Australia and Europe, according to the company's profile.