GC
Poly Real Estate secures $500m despite order drop
Poly Real Estate Group Co, the investment-grade property arm of government-owned China Poly Group Corp, ended an near four year bond hiatus with a tightly priced transaction on Monday. But a volatile market and an aggressive narrowing in pricing caused a drastic drop in orders.
Poly’s international debut in 2013 reopened the offshore bond market for Chinese borrowers after no issuance from the country for nearly two months. (The $400m 4.5% notes are due this August.) The property company had also returned to investors less than a year later, raising $500m from
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