They’re back! Zhenro success heralds China property bond return

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By Alice Huang, Morgan Davis
15 May 2020

Zhenro Properties Group has ended the long absence of Chinese property companies from the dollar bond market, raising $200m from a transaction that was more than 10 times oversubscribed at its peak.

It became the first Chinese real estate company to sell a dollar bond since the Covid-19 pandemic spread across the world in March. The absence of China property companies has led to a sharp drop in high yield issuance across Asia. Asia ex-Japan high yield volumes were about $1.1bn in March, down about 87.5% year-on-year.  

High yield ...

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