Country Garden bonds rally despite further tightening
The property developers bonds have continued to perform against further measures by Beijing to prevent house prices rising. But traders fear the rally could be short-lived as monetary conditions tighten and the supply of Chinese real estate debt continues to rise.
Country Garden’s newly-issued seven-year non-call four bonds continued to edge up in secondary trading today (February 21) despite Beijing’s further tightening measures to tame the housing prices and Standard & Poor’s (S&P) rising fears over the company's creditworthiness deteriorating.
The Chinese property developer raised US$900 million in the
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