UPDATE 1-China developer Powerlong plans dlr bond-source

* International road show to start this week - source

* HSBC, RBS handling deal - source (Adds details of roadshow, expected rating)

By Jun Ebias

HONG KONG, Sept 1 (Reuters) - Chinese property developer Powerlong Real Estate Holdings Ltd (1238.HK) plans to meet investors in Asia, Europe and the U.S. from this week before a planned dollar bond sale, a source close to the deal said.

The road show would begin on Sept. 2 in Hong Kong and a debt sale may follow, subject to market conditions, said the source on Wednesday.

Powerlong earlier in the day said it had hired HSBC Holdings Plc <HSBA.L (0005.HK) and Royal Bank of Scotland Group Plc (RBS.L) for the deal and intended to use the proceeds for projects and working capital.

The bond was expected to be rated B1 by Moody's and B-plus by Standard & Poor's, the source said.

Another Chinese property company, underground mall developer Renhe Commercial Holdings Co Ltd (1387.HK) id planning to price a 5-½ year bond at around 13 percent on Thursday. (Editing by Chris Lewis)