Aside from the creative nature of this bond issue, the more interesting points are:
Their apparent confidence with moving the money raised during the bond sale back into mainland China.
The currency risk has been transferred entirely to the investor, the rates were low for bonds of this type, and the bond issue was a roaring success ($450 US). Who was it said be fearful when other are bold? For some reason that leaps to mind here.
A No-Yuan Approach to Yuan-Bond Sales