The return of Chinese property developers to the international bond markets in recent weeks points to greater investor appetite for the sector, even as the mainland housing market continues to deteriorate.
Having been in effect locked out of the bond markets during the second half of 2011, Agile Property, KWG Property and Shui On Land have issued a total of $1.7bn of bonds this year and more of their peers are expected to follow suit.
The rebound in sentiment towards the debt-laden developers that have fuelled China’s housing construction boom has been “extraordinary”, says Guy Stear, credit strategist at Société Générale.
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