Guotai Junan Securities Co

There was a wall of supply from Chinese property companies at the start of the week. Road King Infrastructure and Yuzhou Properties brought a pair of callable four year bonds, but Jingrui Holdings and Fantasia Holdings Group both stuck to the very short-end of the curve.

Chongqing Banan Economic Park Development and Construction Co made its inaugural appearance in the international bond market with a Singapore dollar transaction, raising S$150m ($110m).

The party in Chinese high yield real estate bonds continued this week, with China Aoyuan Group, Zhenro Properties and Yuzhou Properties taking home $1.15bn between them on Tuesday.

All eyes were on Sunac China Holdings on Thursday when it executed a deal that was six times covered at its peak. Despite the competition, Redco Properties Group also managed to walk away with a new bond, thanks to the flexibility of the 364-day format.

Zhenro Properties Group bagged $200m from a short-dated bond on Tuesday — being strategic with its choice of a 363-day tenor, while also finding an opportunistic issuance window on a day market sentiment was on a high.

Guotai Junan International Holdings paid a premium over the curve of some of its Chinese brokerage peers for a $200m bond on Monday.

Seazen Holdings, previously known as Future Land Holdings, and Powerlong Real Estate raised $500m between them on Monday for near-term refinancing, with positive market sentiment allowing them to price their bonds tightly.

China Aoyuan Group stayed a step ahead of its property peers by raising a comfortable $275m from a tap of its 2021 notes on Thursday, one of two dollar bonds to be priced in Asia so far in the new year.

Several Chinese borrowers ventured into the bond market at the end of December, locking up last-minute deals that were mainly supported by anchor orders.

Considerably cheap valuations have made Weimob, a Tencent Holdings-backed company that is on the road with its Hong Kong IPO, an attractive proposition for equity investors, according to a source close to the listing.

Chinese property companies are pushing their fund-raising for 2018 to the bitter end – with sometimes surprising results. Cifi Holdings scored with a larger-than-expected $400m bond on Monday, while Redsun Properties Group sold a $200m tap.

Bank of Jinzhou is planning to raise HK$8.22bn ($1.05bn) through a private placement of H-shares, according to a filing with the Hong Kong Stock Exchange.