After a volatile year for Chinese property, regulatory changes give dollar bonds a boost

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By Morgan Davis
26 Jul 2018

Chinese high yield property bonds have been battered in the primary and secondary markets for much of 2018. Many issuers have been forced to steer clear of the market, fearing expensive pricing at best and failed deals at worst. But regulatory changes in China’s domestic market are starting to have an impact offshore, giving real estate companies the vote of confidence they have been waiting for. Morgan Davis reports.

High yield Chinese property companies have languished in the dollar bond market for weeks. Poor secondary performances and weak investor sentiment have left many would-be debt issuers on the sidelines, waiting for opportunities to raise funds.

But investor sentiment globally has been improving this month. “The credit markets ...

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